Developer Johnny Ronan set to seal deal on Ballsbridge site worth over €50m
Developer Johnny Ronan is on the verge of sealing a deal to buy a 3.7 acre site in Ballsbridge in a deal worth over €50m.
The businessman has agreed terms to buy the site, which includes four vacant office blocks at AIB’s headquarters.
A group led by Mr Ronan and financed by Cardinal Capital is understood to be the highest bidder for the property. Other bidders are said to include Greg Kavanagh’s New Generation Homes.
Bust developer Sean Dunne forked out €200m for the property back in 2006.
It was being sold by receivers PwC on the instructions of Ulster Bank and Nama.
The property is seen as being ready to be redeveloped, and could hold an estimated 300,000 sq ft of office space, however it does not have planning permission and any construction there would likely draw a huge number of objections.
This is the second Sean Dunne related site in Ballsbridge to move close to changing hands in two days. On Wednesday it emerged that another developer Joe O’Reilly was set to buy the former Jurys and Berkeley Court Hotels for close to €160m.