Consortium announced for Glass Bottle site development
Updated / Tuesday, 22 Dec 2020
16:57
Business Editor
A consortium consisting of developer Johnny Ronan s Ronan Group Real Estate as well as investment fund Oaktree Capital Management and its affiliate Lioncor Developments Ltd have won the contract to develop the former Glass Bottle site in Dublin 4.
The announcement, representing the next step in the development of the 37.2 acre Poolbeg West Strategic Development Zone, was made by the National Asset Management Agency (NAMA).
The new consortium will own 80% of Pembroke Ventures DAC, the company set up to develop the site, while NAMA will retain the remaining 20%.
Details of how much the consortium is paying have not been disclosed but it’s understood to be in the region of €200m.
That sent a chill through the Irish commercial property sector and to the dozens of shops, bars, cafes and other businesses that have sprung up around the Grand Canal and Barrow Street hub.
The new expansion plans, understood to be close to the point of seeking planning permission and indication that the US firm’s longer term plans will involve a significant number of office based staff, at least a significant amount of the time.
The Treasury Building is minutes walk from Google’s main campus and was home for decades to the National Treasury Management Agency (NTMA) and later Nama. It is build on what was the former Bolands Mill where Eamonn DeValera lead a garrison in 1916.
A fresh row is brewing between Bewley’s and its landlord Ronan Group Real Estate – this time over ownership of iconic stained-glass panels worth about €2m.
RGRE, controlled by developer Johnny Ronan, has written to Bewley’s “seeking written acknowledgement” from the company that it does not have any claim to them.
It comes as Bewley’s owner Paddy Campbell stated he intended to donate the valuable artwork to the public as he heads into retirement.
Ownership of the decorative glass panels, commissioned by Bewley’s from artists including Harry Clarke, Pauline Bewick and Jim Fitzpatrick, has already been transferred to the café’s parent company.
The glass panels will stay in situ on Grafton Street as part of the process.
“Bewley’s belongs to the people of Ireland. The Harry Clarke panels, in particular, are a national treasure that we would love to see move into public ownership through a donation to a suitable institution,” he said.
Mr Campbell’s own works feature as part of the collection, which also includes the decorative stained-glass panels, primarily on display in the Grafton Street cafe at the moment.
The stained-glass panels are extremely valuable, and are insured by Bewley’s for a replacement cost of €2m.
The transfer of ownership will mean that the parent company can now continue to financially support the cafe into the future. Bewley’s has had a turbulent year as, like other cafes, it was shut down on March 16 when the Government announced national Covid-19 lockdown restrictions.