New developer digs in at Gannon house scheme
The sound of an excavator is not the first thing you might want to hear in the morning, but to developers it's like the dawn chorus. The Punt hears that the ground is already being prepared at developer Gerry Gannon's Robswall development near Malahide in north Dublin, with earthworks under way to prepare for the construction of more homes at the scheme. The Irish Independent revealed last month how Gannon Homes' remaining interest in the scheme – nine acres of development land and 85 completed properties – has been snapped up by London-based Development Securities for just over €30m. There are already 363 completed homes, which were built up to 2007. There's permission for another 154 properties. The acquisition is Development Securities' second foray into the Dublin market, having bought a small site in the city centre last year. The company announced yesterday that it has also agreed to pay up to £27.4m (€33.6m) to buy UK developer Cathedral Group, which specialises in mixed-use projects in London and the south-east of England. Cathedral's non-executive chairman is Barry Bennett, who previously headed up the UK arm of now failed Irish housebuilder McInerney Homes. He's now joining Development Securities as a non-executive director.