Spencer Place Residential Complex Sold for €177 Million in Dublin

The Spencer Place residential development in Dublin’s North Docklands has been sold for €177 million, marking the largest residential investment deal in Ireland for 2023. The transaction, completed by the Ronan Group and acquired by Ardstone, emphasizes the ongoing demand for high-quality urban living in the city.

The six-acre Spencer Place campus was originally purchased by the Ronan Group in 2016. The complex consists of 360 private units across two buildings, featuring both build-to-rent apartments and co-living spaces. Gavin Wyley, head of residential development at Ronan Group, stated, “Spencer Place Residential is a development that has played a central role in the transformation of Dublin’s North Docklands. The price achieved reflects the strong fundamentals of Ireland’s economy and the improving sentiment in the residential investment market.”

Wyley further expressed optimism regarding the market’s trajectory, asserting that the momentum is expected to continue into 2026. He attributed this expectation to recent government amendments concerning rental caps and apartment standards, along with sustained demand for urban living.

Broader Developments in Dublin

The Ronan Group is involved in several significant residential and commercial projects in Dublin. Notably, the Waterfront South Central scheme in the North Docks is set to feature the European headquarters of Citi, with completion anticipated next year.

Additionally, the company is developing the Glass Bottle site on the Poolbeg Peninsula, which spans 37 acres. This project aims to deliver over 3,800 new homes alongside more than 1 million square feet of commercial space. Currently, 894 apartments are under construction, with the first residents expected to move in later this year. Furthermore, planning has been submitted for a 20-storey hotel with 228 keys.

Ronan Group is also exploring opportunities to return to the London market, having previously developed the iconic Battersea Power Station project. This potential move could further expand the company’s footprint in high-demand urban areas.

The sale of Spencer Place underscores a significant moment in the Dublin property market, reflecting both economic fundamentals and changing residential investment dynamics.