Wednesday 26 June 2019

Marlet plans 500 beds and retail units at €20m site near Jervis Centre


Developer Pat Crean, CEO of Marlet
Developer Pat Crean, CEO of Marlet
Gavin McLoughlin

Gavin McLoughlin

Marlet Property is planning a 220-bed hotel and a 300-bed aparthotel for a Dublin site that it has just acquired for more than €20m, the Sunday Independent understands.

The site is located at Abbey Street, close to the Jervis Shopping Centre and the Luas red line. Marlet has not yet submitted a planning application for the site, the sale of which closed earlier this week.

The hotel and aparthotel are likely to entail around €90m of construction costs. A number of retail units will also be included.

Marlet, which is run by developer Pat Crean with backing from M&G. declined to comment.

It has assembled a large portfolio of development sites, including the site of the old Screen Cinema adjacent to Trinity College. Plans have been submitted for a new entertainment venue there. The company has also acquired a major 16-acre development site in Tallaght, with potential for more than 500 units.

It is currently in dispute with Johnny Ronan's Ronan Group Real Estate over a site in the docklands. Ronan's company owns the freehold of a number of strips of land at the site, while a Marlet subsidiary owns the leasehold.

The matter is before the courts.

Crean was one of five Irish developers that took a complaint against Nama to the European Commission. The complaint said Nama was breaching the rules on state aid by providing funding at preferential rates to developers it was supporting.

Competition Commissioner Margrethe Vestager ruled against the developer group - which also includes Michael O'Flynn, David Daly and Paddy McKillen - on Thursday.

The group said it would decide on any further steps after the full ruling has been published.

Sunday Indo Business

Also in Business