Wednesday 20 February 2019

Glenveagh acquires sites capable of delivering almost 400 residential units

Glenveagh CEO Justin Bickle
Glenveagh CEO Justin Bickle
Ellie Donnelly

Ellie Donnelly

Housebuilder Glenveagh Properties said it had acquired two development sites that will potentially deliver 395 residential units.

Glenveagh said it had exchanged contracts to acquire a development site Citywest Road, Dublin 24, and also signed an unconditional legal contract to acquire a major site in Hollystown, Dublin 15.

The Citywest Road site is located in close proximity to the Fortunestown Luas stop and to Citywest Shopping Centre.

Meanwhile the 162-acre Hollystown site is occupied by Hollystown Golf Club, who will continue on a business as usual basis, with 19 acres on the site zoned for residential development and the remainder zoned as open space. Glenveagh estimates that it will deliver 200 family homes on the residential development land between 2019 and 2023, subject to planning.

Glenveagh founder and CEO Justin Bickle said that the company had increased its land bank to over 5,000 units, at an average cost of €61,000 per unit.

In October the company listed on the Stock Exchange, raising €550m to fund land deals and housebuilding.

The latest acquisition means that the company has now spent over €178m of the proceeds of the IPO.

"We are very excited about our momentum since the IPO was completed," Mr Bickle said.

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