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Cairn Homes sells 11.5-acre Wicklow site to Department of Education

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Completed: The Glenheron development in Greystones, Co Wicklow by Cairn Homes

Completed: The Glenheron development in Greystones, Co Wicklow by Cairn Homes

Completed: The Glenheron development in Greystones, Co Wicklow by Cairn Homes

Listed housebuilder Cairn Homes has sold an 11.5 acre site in Greystones, Co Wicklow to the Department of Education.

The sale price was not disclosed.

The site is adjacent to Carin’s completed Glenheron residential development and the sale is subject to receipt of planning permission for a secondary school, which will be designed by Cairn.

The school is expected to comprise of 10,000 sq m of gross internal floor area, including 50 classrooms, a 1,000 sq m PE hall and gym and six outdoor hard court play areas.

The new secondary school will have the capacity to accommodate up to 1,000 students.

Once completed, this will be the fifth school built on Cairn sites in recent years.

The company has also identified up to six other sites in its landbank, which it feels are suitable for primary and secondary schools.

Meanwhile, Hawkins Wood, which is the next phase of Cairn’s development in Greystones, started construction in November 2020.

That scheme will be made up of 184 new houses and Cairn expects to launch the initial phase of these homes for sale during this year.

Earlier this month, Cairn sold 150 homes in Lucan, Co Dublin to Irish investment management firm Carysfort Capital and Wall Street financial giant Angelo Gordon for €48.6m.

This works out at €324,000 per unit for the mix of apartments and duplexes at the Shackleton Park development in Lucan.

The homes, which have yet to be completed, will be rented out once finished.

Cairn, headed by Michael Stanley, said earlier this month it expects to report operating profit of around €24m for 2020, down from €68m in 2019.

The company closed 743 new homes sales last year, including 536 closings in the second half of 2020.

It generated total revenues of around €260m in what the company said was a “stop-start year”.

Shares in Cairn were trading at 99c yesterday afternoon, down just under 2pc on Euronext Dublin.

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