Property developer Johnny Ronan and Colony Capital have emerged as the top bidders for a six-acre waterfront site at Spencer Dock in the north Dublin docklands.
Their offer of €43 million was marginally ahead of a bid from New Generation, a new homes development company run by Greg Kavanagh.
Ronan and Colony Capital previously joined forces to purchase a substantial office site at Burlington Road.
The docklands site was previously owned by Ronan’s Treasury Holdings before the company collapsed. It has planning permission for a 169-bedroom hotel, more than 31,580sq m (340,000 sq ft) of offices and 165 apartments, with scope for additional facilities.
CIÉ is also set to benefit from the sale, having retained a freehold interest in ground leases at the former railway yard, which extends to more than 50 acres.
Treasury had developed only 20 of the 50 acres it had a lien on in Spencer Dock when the market crashed.
The six-acre site is divided in two by the Luas Red line on Mayor Street Upper. The southern portion, overlooking the Liffey, is earmarked for the commercial element.
