Friday 18 October 2019

Glenveagh buys sites capable of delivering 375 homes

Glenveagh Properties chief executive Justin Bickle
Glenveagh Properties chief executive Justin Bickle
Ellie Donnelly

Ellie Donnelly

Irish housebuilder Glenveagh has acquired two sites capable of delivering 375 homes for €24m.

The sites are located at Howth, county Dublin and Bray, county Wicklow.

The land acquired in Dublin is a portion of the Howth Castle site, which was recently purchased by Tetrarch Capital. It is understood that Glenveagh paid around €15m for this 2.7 acre site that has zoning for residential development.

In a trading update ahead of its AGM today, Glenveagh, which is one of the country's biggest stock market listed builders, said its year-to-date performance is in line with the board’s expectations and “consistent with its strategy”.

The group has seen strong private buyer interest and sales for its starter-home schemes so far this year, in a market where supply continues to lag behind demand.

All units associated with the group’s 2019 delivery target of 725 homes are now sold, signed or reserved, with the exception of the 90 unit Herbert Hill apartment scheme in Dundrum, where a bulk sale process is expected to complete in the second half of this year.

Justin Bickle, co-founder and CEO of the group said: “Glenveagh continued to perform well during the period and has delivered strong progress towards its 2019 targets.”

“Our objective was to secure signings and reservations in the first half of the year with the majority of closings occurring in the second half. The strong reservation rate year-to-date demonstrates we are delivering product where it is most needed and has been welcomed by private buyers and institutional investors.”

The group is currently building houses and apartments on 16 sites.

Looking forward, Glenveagh said it is confident that full year results will be in line with its expectations.

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