Wednesday 17 October 2018

Glenveagh and Panda among firms eyeing €3.5m quarry as bid deadline looms

M&A

The quarry is described as a ‘landfill opportunity’ (stock picture)
The quarry is described as a ‘landfill opportunity’ (stock picture)
Gavin McLoughlin

Gavin McLoughlin

Glenveagh Properties and Panda Waste are among a number of parties who have expressed interest in buying a West Dublin quarry with a guide price of €3.5m.

The site is being sold by Knight Frank and is located at Bay Lane in Dublin 15, close to Dublin Airport. Bids are due to be submitted next month.

It spans 36 acres and is located near the M50 and M1 motorways.

It is zoned for general employment, a status designed to provide "opportunities for general enterprise and employment".

It is being marketed by Knight Frank as a "landfill opportunity" - likely to be attractive to a housebuilder such as Glenveagh for disposing of building waste rather than generating fresh materials.

The quarry has previously been the subject of legal action as to whether materials supplied from it contained excessive pyrite, with the subject raised in the Dail.

Meanwhile, Glenveagh expects to have over 700 units in construction this year, according to a statement delivered to the market.

The company, which arose out of a partnership between developer Bridgedale and private equity firm Oaktree, said last month that its land bank had capacity for almost 7,500 units.

It also said it was looking to acquire fresh land for more units.

Glenveagh chief executive Justin Bickle, who previously held a senior role at Oaktree, said: "The current market conditions in Irish residential are among the most attractive I have seen globally in my career to date.

"The sector in Ireland is in need of institutional quality product, safely delivered and well designed by institutional quality homebuilders with broad experience and the ability to listen, learn and innovate."

Earlier this month, Housing Minister Eoghan Murphy said some local authorities are not doing enough to provide social housing.

Murphy said that there was a "mixed picture" when it came to local authorities. "Different local authorities are moving at different paces," he told the Irish Independent.

"There are some outliers who aren't doing enough," he added.

Murphy said that junior minister Damien English had been tasked with "going to each local authority and actually getting on top of the problems and then bringing what resources we can to help them".

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