Agreement has been reached between Ronan Group Real Estate, Oaktree Capital Management, Lioncor Developments and the National Asset Management Agency (NAMA) on the development of 3,800 homes on the Poolbeg peninsula in Dublin.

The new Pembroke Quarter development, which will be built on the old Irish Glass Bottle site, will include 1,000 social and affordable homes.

"This is the start of the next chapter of Poolbeg's story," said Rory Williams, CEO of Ronan Group Real Estate.

"What is now a barren industrial plot will be reborn as a new community where families will find jobs, homes and a new, more enjoyable and sustainable, way of living."

The consortium intends to seek planning permission for the first phase comprised of 600 apartments within weeks.

The site benefits from fast-track planning following the approval by An Bord Pleanála of strategic development zone (SDZ) designation for the lands.

The developers aim to begin construction at the 37.1 acre site at the start of 2022.

As well as the homes, the plans include one million sq ft of commercial space, educational facilities, civic spaces and community amenities.

NAMA will hold on to a 20% stake in the development, with the other members of the consortium holding the remaining 80%.

Details of how much the three companies paid NAMA have not been disclosed but it’s understood to be in the region of €200m.

"We are delighted to see this superbly located Dublin Bay site move into the first phase of its development lifecycle with an initial planning application for 600 residential units," said CEO Brendan McDonagh.

"NAMA is proud to be associated with progressing this key site which has overall capacity for 3,800 residential units."

"Furthermore, the 25 per cent allocated to social and affordable units will provide homes to those most in need, close to the heart of Dublin."

RGRE was announced as preferred bidder for the stake back in July, alongside Colony Capital, but it later switched partners to Oaktree.