Wednesday 24 July 2019

Gannon eyes huge Wexford housing project

Developer Gerry Gannon
Developer Gerry Gannon
John Mulligan

John Mulligan

Prolific developer Gerry Gannon is eyeing a large development outside his traditional Dublin heartland, with a huge scheme of 364 apartments and houses in Gorey, Co Wexford.

He has entered a consultation with An Bord Pleanála in relation to the project.

It's not the first time that the Roscommon-born Mr Gannon has ventured outside Dublin, but the planned scheme in Gorey is probably one of the largest for the developer outside the capital.

The scheme will include the demolition of existing structures on the site in Gorey, and the construction of 64 duplex units, 172 apartments and 128 houses. Gorey, a 40-minute drive to Wexford town, is about an hour from south Dublin. The journey time to Wexford will also be cut later this year with the opening of the Enniscorthy bypass.

Mr Gannon was one of the so-called Maple 10, a group of investors who bought shares in Anglo Irish Bank in order to reduce Sean Quinn Sr's stake in the doomed lender. The bank loaned the investors the money to buy the shares.

Mr Gannon was also a co-owner of the K Club until he sold it to Michael Smurfit, a move he was compelled to make by Nama after he ended up owing Anglo Irish Bank more than €1bn.

The developer has continued to be a significant presence in the housing market in and around Dublin.

Pre-tax profits at Mr Gannon's building firm, Gannon Homes, rose 41pc to €6.2m in 2017. Revenue at the firm edged 4pc higher, from €34.8m to €36.25m.

The company's revenue included €18m gleaned from the sale of investment properties.

Irish Independent

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