Mark Reynolds of Savills, the NAMA-appointed receiver to the Bolands Quay development project, has today confirmed the sale of the entire of Bolands Quay to Google.
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, NAMA 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 of the Bolands Quay campus.
The development 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 28,000sq m of office space, 46 apartments, cafes and cultural space. The development will include three new landmark buildings, one rising to 53 metres (173 ft), another to 49 metres (161 ft) and a third to 47.8 metres (157 ft). 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 sympathetically restored and their heritage preserved adding to the architectural uniqueness of the development.
Joe Borrett, Director of Real Estate & Construction, Google EMEA, added; “This is a very important addition to our office portfolio in Dublin and the standard of finish in the development is a tribute to the architects, construction companies, the Receiver, Savills and NAMA. We are looking forward to creating vibrant new civic spaces and retail amenities for our neighbours around Barrow Street to enjoy”.
Brendan McDonagh, Chief Executive of NAMA, said: “NAMA is pleased at the progress which has been made in developing this landmark site which will bring much-needed office, retail and residential accommodation to the city. The acquisition of Bolands Quay by Google is a significant vote of confidence in the Irish economy and in the future of its operations here and NAMA is very pleased to have been part of this successful outcome for all parties”.
Google has invested over €1 billion in capital investment in Ireland since 2003 and last week announced a €150 million extension to its Data Centre. Commenting on today’s announcement, Fionnuala Meehan, VP and head of Google in Ireland said; “We are delighted to announce the acquisition of Bolands Quay. 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. This is a really exciting time for Google and follows on from our recently announced investments in Velasco and in our Data Centre in Grange Castle South”.