Business Irish

Thursday 15 November 2018

Glenveagh spends €65m on Dublin site

Figures are translating into more homes for first-time buyers, in particular, who have been waiting to get a foot on the property ladder. Stock photo: Bloomberg
Figures are translating into more homes for first-time buyers, in particular, who have been waiting to get a foot on the property ladder. Stock photo: Bloomberg
Ellie Donnelly

Ellie Donnelly

Listed housebuilder Glenveagh Properties has purchased land capable of delivering more than 1,250 homes in Dublin.

The group paid around €65m for the 113-hectare site, 39 hectares of which are zoned residential.

Located in Tyrrelstown, Dublin 15, the acquisition is adjacent to the group's existing site at Hollystown Golf Club. The deal is expected to be completed in the latter half of this year.

The combined site is expected to deliver units from next year.

Glenveagh said the Tyrrelstown addition to the group's portfolio further strengthens its ability to deliver starter homes in the Greater Dublin area in close proximity to key transportation links.

Separately, further to a statement from the group in June, Glenveagh has completed the acquisitions of Project Hector and Project Bill, which are, subject to planning permission, capable of delivering 700 and 400 homes respectively. Both locations are in Dublin.

The group has also completed the consensual 'loan to own' transaction at Castleforbes Business Park, Dublin 1.

Almost all of Glenveagh's initial public offering proceeds have now been deployed or are committed to be deployed, three months ahead of schedule.

The group's land bank stands at around 11,370 units, up from 3,000 units at its IPO.

Construction has started on 12 sites, with around 700 residential units currently being built. A further 800 units are expected to be under construction by the end of this year.

Earlier this month, the company secured commitments for €213m of fresh cash to help it acquire more land and build more houses.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business