Google has completed a deal to buy Dublin’s Bolands Quay from NAMA appointed receiver Savills Ireland.
It is understood Google has agreed to pay around €300m (£260m) for the site, which received planning permission in July 2015 for 300,000 sq ft of offices, 46 flats, and cafes and cultural space.
Since then, NAMA has provided funding for the demolition and enabling works. In December 2016, NAMA committed to providing funding to Savills for the construction of the entire scheme in one phase. Google has now agreed to acquire the entire campus.
Google will retain the offices for its own use and will appoint a letting agent to manage the leasing of the remaining commercial premises and flats.
The development will include three buildings: one rising to 173ft, another to 161ft and one-third to 157ft. BAM is the main contractor and the scheme is due for completion on a phased basis from Q2 2019.
Bolands Quay will be linked to Google’s EMEA HQ on Barrow Street via walking routes through the site.
The development will also include a new pedestrian bridge and two new civic plazas with water frontage to Grand Canal Dock.
The historic buildings on the site, dating from the 1830s, will be restored and their heritage preserved adding to the architectural uniqueness of the development.
Brendan McDonagh, chief executive of NAMA, said: “The acquisition of Bolands Quay by Google is a significant vote of confidence in the Irish economy and in the future of its operations here and NAMA is very pleased to have been part of this successful outcome for all parties”.
Google has invested more than €1bn in capital investment in Ireland since 2003 and last week announced a €150m extension to its data centre.
Fionnuala Meehan, vice president and head of Google in Ireland, said: “Google was the first multinational company to establish operations on Barrow Street in 2005 and it is fantastic to see how the area has developed since then. With this investment, Google is ensuring we have the space to continue to grow our EMEA HQ operations into the future.
“This is a really exciting time for Google and follows on from our recently announced investments in Velasco and in our Data Centre in Grange Castle South”.
Receiver Mark Reynolds of Savills said; “Securing the sale of the entire campus to one owner occupier, has significantly de-risked the project and has justified the decision to build out the entire scheme.
“The sale allows the team to focus on delivering this magnificent new development, in a smooth and timely fashion, in conjunction with the new owner Google.”
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