Why Ardstone’s €177M Bet on Spencer Place Could Change the Apartment Game Forever

Ever wonder what it takes to set a new high-water mark in the bustling world of residential investment? Well, Ronan Group and Fortress Investment Group just flipped the script in Dublin’s north docklands by selling Spencer Place Residential to Ardstone for a staggering €177 million – the priciest residential deal so far this year. It’s not just a sale; it’s a story of vision and momentum that began back in 2016 when Ronan Group scooped up the sprawling six-acre Spencer Place campus. Since then, they crafted marvels like the Salesforce Tower and spun a development boasting 360 private units, top-tier amenities, and a laundry list of resident perks, all under their savvy Libra Living platform. With a BREEAM In-Use rating that’s off the charts, it’s clear the quality shines through every brick and beam. What’s more exciting? This deal signals bullish vibes for Ireland’s economy and a robust appetite for premium urban living that’ll likely build steam well into 2026. Curious to dive deeper into how this transaction fits into Ronan Group’s empire-expanding blueprint? LEARN MORE

Ronan Group and Fortress Investment Group have sold Spencer Place Residential, a residential development in Dublin’s north docklands, to Ardstone for €177m in what is the highest value residential investment deal of the year so far.

Ronan Group acquired the wider six-acre, mixed-used Spencer Place campus in 2016 and subsequently developed the Salesforce Tower on site before selling it to Blackstone for more than €500m in 2022.

Spencer Place Residential comprises 360 private units across two buildings, including build-to-rent apartments and co-living spaces, and residents can avail of a 24-hour concierge, gym, cinema, co-working spaces.

The development was operated by Ronan Group’s Libra Living platform, and holds a BREEAM In-Use ‘Excellent’ rating with a score of 79 per cent, the highest for any residential asset in Ireland and the UK.

“The price achieved reflects the strong fundamentals of Ireland’s economy and the improving sentiment in the residential investment market,” said Gavin Wyley, head of residential development at Ronan Group.

“We expect this momentum to continue into 2026, supported by recent government amendments to rental caps and apartment standards, coupled with sustained demand for high-quality urban living.”

Ronan Group’s current pipeline of projects includes the nearby Waterfront South Central, its flagship mixed-use development, which will include the European headquarters of Citi as well as a residential element also managed by Libra Living.

There’s also the 37-acre Glass Bottle site on the Poolbeg peninsula in Dublin 4, which will hold 3,800 homes, including 894 apartments under construction, and 1m square feet of commercial space.

A planning application has also been lodged for a 20-storey, 228-bedroom hotel.

The group is also exploring a return to London with a particular focus on rental properties to be managed by Libra Living.

Aidan Gavin, chief investment officer at Ronan Group, commented: “The transaction adds to Ronan Group’s stellar track record of delivering premium residential and commercial developments across the city, including the under-construction Waterfront South Central scheme in the North Docks and the Glass Bottle site on the Poolbeg Peninsula.”

(Pic: Ben Ryan)