Ballymore has announced the acquisition of the landmark Harbour Point site adjacent to Bray town centre. The 52.6 acre site was brought to market in October with a guide price of €27.5 million.
Harbour Point was sold with the benefit of a ten-year planning permission in place. Obtained in June 2010 by a third-party developer, that proposed scheme comprised a 58,000 sq. metres retail centre, 950 apartments, a cinema complex, bars, restaurants, hotel, offices, and basement car parking. Ballymore will now undertake its own master plan for the land which has the potential for up to 1,400 homes and up to 25,000 sq. metres of commercial and ancillary space.
Sean Mulryan, Chairman & Group Chief Executive of Ballymore, welcomed the announcement by saying: “At Ballymore, we believe that community spirit and a shared identity brings more value to a development than bricks and mortar. I was particularly attracted to Bray, a long-established community of young families, professionals and outdoor enthusiasts with several local schools and sports clubs nearby. Our Harbour Point development will complement and enhance these elements for the benefit of the local community”.
Harbour Point is located close to the seafront in Bray, with a strong public transport network making it a highly-sought after location. The convenient setting ensures the main retail offering and amenities in Bray are within a short walk. Proximity to Dublin, particularly with the DART, enhances the appeal of this location which is a short commute to Dublin city for a wide age profile.
In addition to this acquisition, Ballymore’s Irish portfolio includes a number of residential schemes and the landmark Dublin Landings project, a 92,900 sq. metres mixed development of offices, apartments and shops. In addition, Ballymore is continuing its plans for the Connolly Quarter, a mixed-use development of offices, a hotel and apartments, which when complete will also be in excess of 93,000 sq. metres.