Homebuilder Glenveagh Properties has today unveiled four further substantial land acquisitions in Dublin and Cork for their Homes and Living divisions.
Worth a combined total of €120 million, the construction projects for the greater Dublin area, Dublin’s North Docklands and Cork’s Docklands will be capable of delivering 2,780 units, assuming planning is obtained.
According to a trading statement from the Dublin and London-listed group the company is ahead of schedule in delivering its key initial public offering (IPO) targets, namely in the areas of acquiring land for residential building, constructing and selling houses and apartments, and scaling its business as a PLC.
Since last October’s stock market launch Glenveagh Properties have said €404 million of capital has now been deployed in land assets.
Glenveagh Properties landbank is now 10,120 units, 31% of which are shovel-ready, with 97% zoned residential.
Land Acquisition Breakdown:
The acquisition in Cork’s Docklands has the potential to provide up to 1,000 residential units at a cost exceeding €15 million. The development site is located in close proximity to Cork city centre and adjacent to a large concert and sports venue. The acquisition is expected to be completed by the third quarter of 2018.
Greater Dublin Area
Two sites have been acquired in the greater Dublin area. The first is named “Project Bill” and has the potential to deliver 400 residential properties at a cost of over €20 million, subject to planning.
“Project Hector”, the second site acquired for the greater Dublin area has the potential to deliver up to 700 residential properties, also subject to planning. The exact purchase price is commercially sensitive but is in excess of €9m.
Dublin’s North Docklands
Castleforbes Business Park in Dublin’s North Docklands is the fourth location obtained by Glenveagh Properties.
The company’s Living division intends to take control of the Castleforbes site, having also acquired 100% of the shares in the site’s associated management company, through a consensual ‘loan to own’ transaction.
Once controlled, Castleforbes has the potential to deliver more than 650 units, subject to planning. The exact purchase price is commercially sensitive but is in the region of €60 million.
CEO of Glenveagh Properties, Justin Bickle, said:
“Since last October when we created Glenveagh, we have made a fast start in turning land into built stock in a very favourable selling market.
“While we expect the current favourable market conditions to continue for our core Homes business, in parallel through our Living division we are seeking to deliver mixed-tenure solutions, to address the public housing crisis, and other PRS solutions, having regard to the structural shift to rental in Dublin and other key cities.
“We believe that the combination of our Homes and Living divisions allow us to access both consumer and institutional demand for modern, well-built residential product in Ireland, and help diversify risk across the cycle. We look forward to reporting on our further progress in the coming months.”