A British-Irish consortium has bought a development site in Dublin's Liberties district from Dublin developer Martin Creedon.
The site on Newmarket Square, adjacent to the Teeling Whiskey Distillery, has planning permission in place for an 80,000sq ft retail and office development in a scheme of between four and six storeys in height.
It has been bought for an undisclosed sum by a consortium that includes Revelate Capital, led by Irish-born, London-based executive Mark O’Brien, who was previously involved in the founding of Cairn Homes.
The consortium also includes UK-based property investor Valorem Investment Partners, led by Anthony Maxwell-Jones, and Ekistics Property Advisors, led by former Goldman Sachs banker John Pedersen.
Demolition of the existing buildings on the site is due to begin “imminently” and construction works will start early next year.
The consortium says it remains on the lookout for suitable projects in Dublin “and views this acquisition as the first in a number of development-led investments in the city centre”.
The site sold by Mr Creedon obtained planning permission from Dublin City Council towards the end of last year. The wider area is set for major development, with a 202-bedroom hotel planned for nearby, as well as student accommodation blocks.
Mr O’Brien said it is a “buoyant time” for Dublin and promised to play a role in “the city’s wider progressive regeneration”.