Glenveagh Properties buys two new land portfolios for €106m


Glenveagh Properties listed on the Dublin Stock Exchange in October

Housebuilder Glenveagh Properties has acquired two land portfolios for a combined €106m, which the company said are capable of delivering over 2,200 residential units.

In its first set of results since listing on the stock market five months ago, Glenveagh recorded a loss before exceptional items and tax of €3.7m. 

Those exceptionals include a €47.5m non-cash charge to reflect the value of stock issued to the founders under a performance-related incentive scheme. 

Revenues for the period from August to December stood at €1.425 billion.

The company said it will have over 700 units under construction in 2018 and its growing, diversified land bank has the potential for 7,340 units. 

Glenveagh’s co-founder and CEO Justin Bickle said that the company has “smartly” invested nearly €300m of the cash proceeds in very attractive multi-year land sites.  

“We will commence construction on over 700 units in our first full year of operations, and we already have a market-leading organisation and trusted brand”, he added.

Mr Bickle said the current market conditions in Irish residential are among the most attractive he has seen globally in his career to date. 

“The sector in Ireland is in need of institutional quality product, safely delivered and well designed by institutional quality homebuilders with broad experience and the ability to listen, learn and innovate. Customers want quality homes and apartments which are well-built and sensibly priced,” he added.

In today’s results statement, Glenveagh said it has agreed a deal to buy four sites in the Greater Dublin area – two in Donabate in Co Dublin and one each at Dunboyne and Stamullen in Co Meath – for €90m, including fees and stamp duty. 

These are capable of delivering 1,435 starter homes and apartments – subject to planning – and will start to deliver homes from 2019.

Its Glenveagh Living division has also agreed a deal to buy the residential development rights to land near The Square Shopping Centre in Tallaght and a five acre site to the rear of Gateway Retail Park in Galway.

As part of this year, the company has also acquired a 9.8 acre site to the rear of Bray Retail Park in Co Wicklow. These three sites have the capacity to deliver more than 800 housing units. 


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