House builder Glenveagh Properties has signed a contract to purchase a two hectare site in Dublin’s North Docklands with the potential to deliver at least 450 residential units.
The units at the East Road site are subject to planning permission.
While the exact purchase price has not been disclosed it is in excess of €40m.
The terminus stop of the Luas Red Line service is within walking distance of the site, delivering access to Connolly rail station and city centre within six minutes, as is the Docklands Rail Station.
The purchase, which is expected to be completed by the end of the year, is Glenveagh’s first docklands acquisition.
"This acquisition will give us first mover advantage to deliver a significant number of residential units in Dublin’s North Docks where there is exciting regeneration potential. This acquisition demonstrates our ability to deploy the equity proceeds from our IPO in a timely fashion," Justin Bickle, Glenveagh co-founder and CEO, said.
Commenting on the announcement Mark Reynolds, director of development & consultancy at Savills Ireland said that securing a site with such scale and in such a central location was a "real rarity" in the Dublin land market.
"The buyer will be able to capitalise on an area undergoing significant change in the north docklands and also to tap into the pent up local demand for residential accommodation both to rent and purchase," Mr Reynolds said.
Set up in August this year Glenveagh already has a contracted employee headcount of 116 and is now active on five construction sites.
Last month Glenveagh announced the acquisition of eleven sites across Ireland which have the potential to support up to 1,319 units.
"We are on course to become a residential delivery platform of scale and look forward to announcing additional site acquisitions in 2018," Mr Bickle said.