Ireland’s biggest property developers lodge bids for RTÉ’s land in Donnybrook

Developers of pre-crash era make first-round bids for 8.64-acre site

First-round bids were lodged on May 11th for the Montrose site, with the second round of offers due on June 8th. Photograph: Cyril Byrne

First-round bids were lodged on May 11th for the Montrose site, with the second round of offers due on June 8th. Photograph: Cyril Byrne

 

Some of Ireland’s biggest property developers from the pre-crash era have lodged bids for the prime land being sold by RTÉ at its Montrose complex in Donnybrook in Dublin.

The Irish Times has learned that Joe O’Reilly’s Chartered Land, Cork developer Michael O’Flynn, and Bartra Capital, which was set up by former Treasury Holdings co-founder Richard Barrett, have all lodged bids for the 8.64 acres of land that the State broadcaster recently put up for sale.

The other bidders are Cairn Homes, an Irish property group listed on the stock market in London, and a low-profile local developer called Bridgedale, which is led by Stephen Garvey and has residential projects in Dublin, Meath and Wicklow.

It is understood that first-round bids were lodged on May 11th with the second round of offers due on June 8th. The successful bidder is expected to seek permission to build up to 550 apartments on the Montrose property, along with underground car parking.

The RTÉ site is being sold by Savills, which is guiding €75 million for the land. Market sources have speculated that it could fetch as much as €90 million although the site does not have planning permission and any development could be subject to objections from neighbours.

Speaking after its annual general meeting on Wednesday, Michael Stanley, chief executive of Cairn Homes, confirmed that the RTÉ land was “one of a number of potential opportunities for the company”.

“I’m particularly interested in well-located apartment sites because I think we’re one of the few companies that can build apartments today in Ireland and, because of the continued employment in the city, I think they’re badly needed,” he said.

RTÉ plans to invest the proceeds of the sale to help fund an upgrade of the remainder of its Donnybrook complex.