Developer Johnny Ronan has been named preferred bidder for a major office and residential development in the new Dublin suburb of Cherrywood, The Irish Times has learned.
The project site, known as Town Centre Three (TC3), was put on the market last year by DLR Properties, a wholly owned subsidiary of Dún Laoghaire Rathdown County Council.
The 13.1 acre site was offered by Conor Whelan of QRE as a novel swap deal, with the option for bidders to exchange a building which offered a long-term income stream to DLR properties, rather than paying a cash consideration.
It is understood that the seller has agreed to take ownership of one of the buildings to be constructed on the site as payment. Mr Ronan's main property development vehicle, Ronan Group Real Estate (RGRE), is thought to have seen off competition from Balfour Beatty and Hines to secure the project.
QRE ran an international process that attracted interest from many bidders, which was whittled down to a shortlist of three.
When it is fully developed, TC3 will extend to 120,770sq m (1.3 million sq ft). The majority of this space, some 74,300sq m, is destined for office development, with 33,600sq m set aside for residential building, equating to about 358 apartments. Retail will comprise 3,100sq m, with up to 1,900 car parking spaces also planned for the project.
Town centre
The masterplan for TC3 was prepared by Scott Tallon Walker architects.
The TC3 scheme sits within the Cherrywood strategic development zone, which allows for fast-track planning.
Cherrywood is planned as a major new Dublin suburb which will eventually be home to about 25,000 people. The main town centre is being developed by US builder Hines, which received planning permission for a €1 billion project last May.
The project is serviced by the Cherrywood Luas stop and the Brides Glen terminus. Sources said the RGRE project would represent a modern upgrade on what the developer delivered in Central Park, the two million sq ft project built in Sandyford. About 2,000 jobs will be created during the construction of the project.
Spokespeople for the Johnny Ronan entity RGRE and its advisers, Knight Frank, declined to comment when contacted, as did QRE, which advised DLR Properties on the disposal.
