New York Investors Are Planning A $1.2 Billion Development At Spencer Dock

New York-based real estate investors Colony Northstar Inc. are planning a new project at Spencer Place in the Dublin's docklands valued at $1.2 billion dollars.

According to Bloomberg, the venture will see four office buildings erected in the area as well a hotel, shops and homes. The first properties are due for completion in 2020.

Irish developer Johnny Ronan is also involved while director Stefan Jaeger told the publication that the imminent Brexit has created a huge opportunity for Ireland:

“Even if you have very minor Brexit moves of 500 or 1,000 people from individual banks, that has a huge impact in Dublin because there currently is a shortage of space.

“Dublin will be a major beneficiary and this development is in a prime position to take advantage of that.”

Dublin already houses offices for the likes of Facebook and Google and the new development could attract some more multinational companies to the city after 'demand from technology, public sector and financial firms led to a lack of empty properties in the Irish capital, where construction came to a halt after the country’s property bubble burst.'