Glenveagh acquires land capable of delivering almost 3,000 homes
Housebuilder Glenveagh has spent a total of €120m to acquire lands with the potential to deliver over 2,780 new homes in Cork’s Docklands, the greater Dublin area and Dublin’s Docklands.
This comes on the back of an announcement in March from the group that it was to spend a total of €106m to acquire lands with the potential to deliver over 2,235 new homes in Dublin and the greater Dublin area.
Since the group’s Initial Public Offering (IPO) last October it has deployed some €404m of capital in land assets.
"Since last October when we created Glenveagh, we have made a fast start in turning land into built stock in a very favourable selling market," Justin Bickle, Co-founder and CEO, said.
"We are well on our way to becoming a volume homebuilder and the leading residential delivery platform in Ireland."
The group’s landbank is now 10,120 units, 31pc of which are shovel-ready, with 97pc zoned residential, the group said in a trading update ahead of its AGM today.
The group’s 'Home’s' landbank comprises of 8,270 units across 38 sites, while its 'Living’s' landbank comprises 1,850 units across four sites.
The group confirmed that construction has now commenced on 12 sites for its 'Homes' segment, with around 700 residential units currently under construction and approximately 800 expected to be under construction by ‘Homes’ by the end of the year.
Glenveagh said that sales activity has been strong, with 234 units signed or reserved since 1 January, through a combination of show home villages and marketing suites.
The group is currently selling from six sites, which will rise to eight sites during 2018.
Looking forward and Glenveagh described market conditions as remaining "very favourable."
"While we expect the current favourable market conditions to continue for our core Homes business, in parallel through our Living division we are seeking to deliver mixed-tenure solutions, to address the public housing crisis, and other PRS solutions, having regard to the structural shift to rental in Dublin and other key cities," Mr Bickle said.