Wednesday 28 September 2016

Comers' London land worth up to €15bn

John Reynolds

Published 20/09/2015 | 02:30

The Comer brothers have taken control of just over 1,200 acres across plots located to the north of Wembley Stadium
The Comer brothers have taken control of just over 1,200 acres across plots located to the north of Wembley Stadium

Billionaire Galway builders Luke and Brian Comer have quietly amassed two sites for development in north London that they say could be worth between €8.4bn and €15bn if they are rezoned for development.

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The brothers have taken control of just over 1,200 acres across plots located to the north of Wembley Stadium.

"It's very strategic land," said Luke Comer. "If it got sold with planning permission, both plots could be worth billions - somewhere between €7m (£5m) and €13m (£10m) an acre.

"You could put thousands of houses on it. We wouldn't expect to get it all zoned - but you'd hope for some of it. If green-belt land is going to be released for development, it is in this area," he said.

UK property prices are forecast to rise by up to 30pc in the next four years because of an acute shortage in London and southern England, according to BNP Paribas.

The Glenamaddy-born brothers started out as apprentice plasterers. Today, their building empire is estimated to be worth €2.87bn - but the Comers still take cheap flights on Ryanair and wear off-the-peg suits - though they are considering spending about €1.5m on a four-seater helicopter to avoid traffic jams in the UK.

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