Mark Reynolds of Savills, the NAMA-appointed receiver to the Bolands Quay development project, has announced the sale of the entire of Bolands Quay site in Dublin to Google for an undisclosed amount.
The Bolands Quay site received planning permission in July 2015 and, since then, NAMA has provided funding for demolition and enabling works. In December 2016, the Irish bad bank committed to providing funding to Mark Reynolds for the construction of the entire scheme in one phase.
Google has now agreed to acquire the entire Bolands Quay campus.
Bolands Quay is one of the largest urban regeneration projects to have been undertaken within Dublin city centre in recent years. Designed by Dublin architectural practice Burke Kennedy Doyle, with engineering input from Arup, Bolands Quay will comprise 28,000 m2 of office space, 46 apartments, cafes and cultural space.
The development will include three new buildings, one rising to 53 metres, another to 49 metres and a third to 47.8 metres. BAM is the main contractor and the scheme is set for completion on a phased basis from Q2 2019.
Google will retain the office accommodation for its own use and will appoint a commercial letting agent to manage the letting of the remaining commercial premises and apartments.
Bolands Quay will be linked to Google’s EMEA HQ on Barrow Street via walking routes through the site. The development will also include a new pedestrian bridge and two new civic plazas with water frontage to Grand Canal Dock. The historic buildings on the site, dating from the 1830s, will be restored.
Brendan McDonagh, Chief Executive of NAMA, said: 'The acquisition of Bolands Quay by Google is a significant vote of confidence in the Irish economy.'
Google has invested over €1 bn in capital investment in Ireland since 2003 and last week announced a €150 mln extension to its Data Centre. Commenting on the acquisition, Fionnuala Meehan, vice president and head of Google in Ireland said; 'Google was the first multinational company to establish operations on Barrow Street in 2005 and it is fantastic to see how the area has developed since then. With this investment, Google is ensuring we have the space to continue to grow our EMEA HQ operations into the future.'
Receiver Mark Reynolds of Savills, said; 'Securing the sale of the entire campus to one owner occupier, has significantly de-risked the project and has justified the decision to build out the entire scheme. The sale allows the team to focus on delivering this magnificent new development, in a smooth and timely fashion, in conjunction with the new owner Google.'