Glenveagh Properties, the Irish homebuilder, has agreed a deal to acquire two development sites in Dublin with the potential to deliver almost 400 new houses.
The deals will bring the company’s total landbank up to over 5,000 units. The company, which was co-founded by John Mulcahy, the former Nama executive, will acquire a development site at Citywest Road, Dublin 24, close to the Fortunestown Luas stop and to the Citywest shopping centre. The site can deliver about 195 homes.
Glenveagh has also agreed to acquire a 162-acre site in Hollystown, Dublin 15, which is occupied by the Hollystown golf club. The club will continue on a “business as usual” basis with 19 acres of the site zoned for residential development. The company has estimated that the site will deliver 200 family homes between 2019 and 2023, subject to planning.
Justin Bickle, Glenveagh’s chief executive, said that he was “delighted” with the two deals.
“Our growing landbank now has capacity, subject to planning, for over 5,000 units, at an average cost of €61,000 per unit, deploying over €178 million of the proceeds of the initial public offering,” he said. “We are very excited about our momentum since the IPO was completed.”
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The property company raised €500 million through its IPO in October, second only to the AIB part floatation last year in terms of value, which raised €3.4 billion.
Glenveagh also announced that it has completed the acquisition of a two-hectare site in Dublin’s north Docklands known as East Road. The precise amount paid for the site was not disclosed but it is understood to be in excess of €40 million. The site is situated about a mile from the 3Arena.
Glenveagh already owns Castleknock golf club in Dublin. In its stock market prospectus, the company says it intends to identify a long-term operator for Castleknock until “such time as the site is expected to be rezoned, which is not expected to be in the short to medium term”.
The builder also agreed to buy Brook Lane in Rush, Co Dublin, and a development site at Millennium Park in Naas, Co Kildare, with a combined capacity for 600 homes at a cost of €29.5 million. Additionally, Glenveagh has acquired sites in Bray, Co Wicklow, and Midleton, Co Cork, which, may offer 210 residential units, subject to planning permission.