Having last week announced the winning design for the refurbishment of its stadium, the Royal Dublin Society is now examining ways of financing the €20 million-plus development.
RDS chief executive Michael Duffy told One More Thing that it will be a mix of the society's cash resources, naming rights with a sponsor, and an application to the Government for a sports capital grant.
Before pitching for State funding, the RDS has engaged the economic consultancy Indecon to do a cost-benefit analysis to support its application.
It should have a strong case. The RDS is home to the Leinster rugby team, and the annual Discover Ireland Dublin Horse Show, where the top showjumpers from around the world compete in multiple international competitions.
It has also been earmarked as a potential venue in Ireland's ambitious bid to host the 2023 Rugby World Cup and hosts a number of high-profile outdoor concerts each summer.
“This is a very significant development for the RDS and it is up to the RDS to fund it,” Duffy said. “We certainly will be looking for some support from the Government. We will be examining the economic benefits [of the redevelopment] and what level of exchequer funding it could support.”
If its planning application goes smoothly, Duffy expects work to begin in 2016 and to last for 18 months. The stadium would remain open throughout the development and have an increased capacity of 25,000 on completion.
The RDS is also mulling over building another office block at its 42-acre site in Ballsbridge. Its current block is fully-let having been built in the boom years.
A previous 10-year approval – that was nobbled by the global financial crash – was extended by five years out to 2019.
With the Irish economy in recovery mode and demand for office space once again emerging, the potential exists for such a development. However, with a price tag of about €45 million, it is not without risk and the RDS would look to secure tenants in advance of construction.
“[Rental] prices are getting better,” Duffy said. “We’re currently looking at the development with a view to making amendments [to its design]to reflect the current market [expectations]. It’s a major project and one we’re considering carefully.”
