Wednesday 26 June 2019

Home for Life backer gets head start on social housing

Samantha McCaughren

Samantha McCaughren

Charlie O'Reilly Hyland, the chairman of Home for Life, the new mortgage-to-rent solution for distressed borrowers, is no stranger to affordable residential property.

He last week launched the new venture, headed by businessman Paul Cunningham, which aims to deliver a fresh start for distressed mortgage holders by keeping them in their home, mortgage debt-free, as tenants of their local authority.

Following agreement with PTSB, eligible PTSB mortgage-holders will have an opportunity to register Home for Life as their mortgage-to-rent provider.

The chairman is putting the finishing touches to Hampton Gardens, a new block of 120 homes and apartments aimed at first-time buyers in Balbriggan, where some of the three-bed units started at €260,000.

The privately-funded complex with an estimated value of between €25m and €30m was developed debt-free. It represents a decent downpayment to fund Hyland's stake in newly--launched Home For Life which is targeting a €100m fund to buy and lease back homes to local authorities as homes for the existing owners.

Hyland is also putting the finishing touches to 43 residential units in Donabate. The mainly two-bed apartments were developed in two blocks and have been sold to Oaklee Social Housing for an estimated €15m with handover expected in September.

Kingspan's small turbine business to be big in Japan

Kingspan's lesser-known environmental division has, until recently, owned an even more low-key business - a company which manufactures and installs small wind turbines. However, it emerged last week that this business has been acquired by SD Green Energy, a Japanese company based in Tokyo.

SD is setting up a new division called SD Wind Energy Ltd and will expand with the addition of extra staff and manufacturing capabilities of the site of the former Kingspan operation in Stewarton, Scotland. The new owners will continue to make Kingspan-branded products under a licensing agreement and will market the wind turbine range within their energy portfolio.

Sales at the business are believed to be in the low single-digit millions. That's in the context of the €180m revenue for the environmental division, so a small operation in the growing group, headed by Gene Murtagh, which now has revenues of €3.7bn.

Greg Kavanagh faces fresh objection to pub development

Developer Greg Kavanagh's bid to build a new empire following his 2016 departure from New Generation Homes appears to have suffered yet another hiccup.

Having only recently been refused permission to demolish the Clonskeagh House pub in South Dublin after failing to secure planning permission for a new guest house, the self-described 'Ronaldo' of the property market is now facing an appeal to An Bord Pleanala in relation to his development of housing and retail on the grounds of Campion's pub on the Malahide Road.

Although Kavanagh's company, Crosswaithe Developments, secured planning permission for the scheme from Fingal County Council on April 14 last, the developer is now at odds with the proprietor of Campion's neighbouring business and sitting tenant, Fingal Memorials. Among the matters causing tension between the parties is the issue of a headstones provider using Campion's car park, something it insists is essential for the operation of its business.

Sunday Indo Business

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