Deutsche Bank to fund completion of Ballsbridge scheme on vet college site
Loan is largest of its kind with a traditional Irish developer since the property crash
A computer-generated image of what the ‘One Ballsbridge’ scheme will look like
A top-of-the-range office, apartment and retail development planned by the Comer Group for the centre of Ballsbridge, Dublin 4, is to be completed with funding from Deutsche Bank. The three-year non-recourse senior debt facility to be capped at €77 million is believed to be the largest funding of its kind for a speculative development undertaken by a traditional developer since the last property boom.
The mixed-use project, to be known as One Ballsbridge, is being developed by a Comer subsidiary company, The Ballsbridge Partnership, and is on course to be completed towards the end of this year or in the early part of 2017.
It will include a combined net office area of 12,541sq m (135,000sq ft) in three blocks, 88 top-of-the-range apartments with an average floor area of 125sq m (1,350sq ft), a 1,858sq m (20,000sq ft) spa and gym, and 225 car-parking spaces. All three blocks will have attractive retail facilities.
Luke Comer, chairman of the Comer Group, said their Ballsbridge Partnership could have readily funded the completion of the project with their own cash.
However, they thought a non-recourse facility in this low interest rate environment was better deployment of their reserves which they were using to continue to grow their existing portfolios.
“The Comer Group is the first traditional private developer/investor operating in Ireland to secure funding from Deutsche Bank for part of our existing portfolio and this new facility strengthens our existing relationship. Clearly Deutsche have great confidence in the Comer Group as tier one contractors and developers, and we are on course for completion of Ballsbridge towards year-end or Q1 next year.”
The 2.02-acre former Veterinary College site being developed by the Comers was originally bought by developer Ray Grehan for an unbelievable €171.5 million. After the property crash the Comers bought it for €22.5 million – an 86.92 per cent discount.
The mixed-use scheme now rapidly taking shape is expected to interlink with the adjoining 6.8-acre Ballsbridge site which is also to be redeveloped to accommodate 568 apartments, a 152-bedroom hotel and associated retail and commercial space.