Ballymore wins €1bn Guinness brewery development
Diageo has selected Ballymore as development partner on its €1bn (£890m) project to create a new urban quarter on the site of the Guinness brewery in Dublin.
The drinks company launched a hunt for a partner to develop a 1.5m sq ft scheme called St James’s Gate Quarter in 2017. It appointed Deloitte Real Estate to manage the process, with a plan to select a preferred bidder within 12 to 18 months.
Ballymore, backed by Oxley, Hines and U+I, were all shortlisted, but the process ran into delays and was paused last year.
Diageo has selected Ballymore as development partner on its €1bn (£890m) project to create a new urban quarter on the site of the Guinness brewery in Dublin.
The drinks company launched a hunt for a partner to develop a 1.5m sq ft scheme called St James’s Gate Quarter in 2017. It appointed Deloitte Real Estate to manage the process, with a plan to select a preferred bidder within 12 to 18 months.
Ballymore, backed by Oxley, Hines and U+I, were all shortlisted, but the process ran into delays and was paused last year.
Diageo and Ballymore will work together to redevelop the 12.6-acre site as the first zero carbon district in Dublin. The land has been home to the Guinness brewery for more than 250 years.
The development will preserve the heritage assets and seek to include renewable energy sources.
Original plans for the scheme include 516,000 sq ft of residential floorspace, 54,000 sq ft of retail space, 500 new homes, 678,000 sq ft of office space and 237,000 sq ft of hotel and leisure space, with an anticipated build-out time of 10 years.
Diageo will work with Iveagh Trust as a partner on the social housing for the project.
Oliver Loomes, managing director of Diageo Ireland, said: “St. James’s Gate is a unique and extraordinary place.
“Since our announcement in 2017 we have been committed to doing it right and know that Ballymore shares our vision for the future of the site.”
Sean Mulryan, chairman and chief executive of Ballymore, said: “It is unusual for a beer to mean so much to so many, but Guinness has become far more than a brand. It has become a symbol for Ireland: an icon of heritage for people all over the world.
“St James’s Gate has over 260 years of history, and so, we have a unique responsibility to ensure that when that famous gate opens, it opens to a place synonymous with good times and memorable experiences.”
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