Property developer Johnny Ronan has submitted his plans to reshape a Dublin suburb close to the AIB head offices in Ballsbridge — eight years on from the devastating property and banking crash.
The developer in recent days submitted plans to Dublin City Council for the €200m office block in the suburb.
Mr Ronan last year acquired four vacant office blocks and surrounding land close to AIB’s Bankcentre building for €67.5m.
The near four-acre site was sold by a receiver on behalf of Nama and Ulster Bank. It had been acquired in 2006 by Carlow property developer Sean Dunne for a reported €200m.
The new plan lodged with Dublin City Council shows that the office block development would be six storeys high over three levels of a basement.
The total gross floor area of the Henry J Lyons designed development would be 52,247 sq m — more than five times the floor area of the existing four office blocks that are going to be demolished.
The planning consultants for Mr Ronan’s RGRE Ballsbridge Developments Ltd, John Spain & Associates, have told the council that the site is suitable for intensive development because of its access to public transport.
It claims that this meets the demands for larger offices in the area.
The planning consultants claim the scheme is “modest in scale” and say the development will be of “high quality” appropriate to the setting and character of Merrion Rd and adjacent residential areas.
The documentation reveals that the initial design study focused on the potential to refurbish and re-use the existing buildings on site.
However, this was ruled out because the significant costs made it impractical because of costs.
The development is being financed by Cardinal Capital and Jefferies Loancore.
In addition, Mr Ronan is developing an office block on Burlington Rd, also in Ballsbridge, and plans to build a 22-storey tower at Tara St in central Dublin, in partnership with the State-owned CIE.
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