Thornsett Group Purchases Prominent Site In Centre Of Brussels With Overall Development Value Of €80 Million
Thornsett Group Press Release, 16th February 2007Central Brussels site has full planning permission for 4 star hotel, retail space and 108 apartments
Thornsett Group Ltd., the Irish owned property development group, has purchased a prominent site in the “European” Quarter of Brussels which has full planning permission for a mixed-use development with a gross development value in the region of €80million.
The site is located on the corners of rue Belliard, rue Froissart and place Jean Rey, approximately 250 metres from the European Commission and European Parliament buildings. It is also overlooked by the Council of Ministers building and the building which houses the Irish delegation to the EU.
The completed development will cover 22,500 sq m and will comprise a 150 bedroom, four-star hotel, 108, predominantly one and two bedroom apartments and 1,500 sq m of retail space with parking for 48 cars. Construction will commence in autumn of this year, with completion scheduled for autumn 2009.
Peter McCarthy, CEO of Thornsett Group, says: “This site is in a very strategic location in the “European” Quarter of Brussels. The development will be contemporary and striking and will be a fantastic addition to the surrounding area. We believe that the hotel has wonderful potential due to its central location and the apartment units will appeal equally to owner-occupiers as well as investors. We envisage apartment prices will begin at €150,000, which makes them exceptional value for such a central location in a European capital city.”
“We acquired our first site in Brussels 18 months ago and we now have five developments in Belgium worth in excess of €100 million. The company will deliver its first apartments from our Boniface Square development, which is located in the Ixelles district of Brussels before the end of the year. The first phase of the Boniface Square Development will be released in March. A strong registration of interest generated from site marketing boards is very encouraging at this stage.”
Thornsett Group is a developer of both private residential and commercial properties and has operations in Ireland, England, Wales and Belgium. The total value of schemes currently being undertaken by Thornsett Group in all four marketplaces is in the region of €400 million.
Thornsett Group is also involved with delivering a number of “turnkey” social and affordable housing projects and to date has delivered nearly 3,000 units in the UK and Ireland.
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