Developer Padraic Rhatigan has commenced construction on the long-awaited Crown Square mixed-use scheme in Galway city.
Located on a site of 5.2 hectares (13 acres), the development which will be ready for occupation in 2021, will include 39,483sq m (425,000sq ft) of grade A office space distributed across five buildings, a 175-bed hotel, 288 residential units, along with retail, food and medical uses.
Designed by architects Henry J Lyons, the development will be set around a central square with a landscaped public realm area and walking track running around its perimeter. Upon completion the scheme is expected to accommodate a total workforce of about 3,500 people between its offices, hotel and other facilities.
Funding for the €200 million Crown Square scheme is being provided by US investment firm, Quadrant Real Estate Advisers. Since entering the Irish market in 2015, Quadrant has deployed close to €1 billion across a range of commercial, residential, land, hotel and retail investments.
Earlier this year, the company provided about €100 million in finance to Gerry Barrett’s Edward Holdings to support the development of Galway city’s other landmark mixed-use scheme at Bonham Quay.
While not as large in scale as the Rhatigan Group’s Crown Square development, Bonham Quay will comprise 25,000sq m (269,098sq ft) of offices alongside 1,904sq m (20,505sq ft) of retail and 8,494sq m (91,439sq ft) of landscaped space.
Commenting on Quadrant’s decision to finance the development of Crown Square, the company’s chief executive, Kurt Wright, said: “We are very proud to be involved with the Rhatigan Group in this strategic project. Quadrant view Ireland as offering excellent property fundamentals into the foreseeable future. This is particularly true in Galway which is a desired location for strong domestic and international corporate occupiers.”
Sarah Ward of CBRE added: “Crown Square is the first development of its kind in Galway, designed with a large emphasis on placemaking and public realm. The scale of the office buildings will deliver much-needed modern space to the Galway market, and provide high-class amenities to the wider community.”
REF Irish Times