Two divisions of Irish homebuilder Glenveagh Properties PLC agreed to purchase two land portfolios, offering potential for additional 2,235 units across seven development sites, for a combined sum of €106 million.
According to the company's 2017 earnings release, Glenveagh Homes will pay €90 million for Project Quattro, comprising two sites in Donabate, County Dublin, as well as one each in Dunboyne and Stamullen across County Meath. The four assets in the Greater Dublin area will change hands in the second quarter, with delivery of 1,435 starter homes and apartments expected to begin from 2019, subject to planning.
Also following 2017-end, Glenveagh Living signed an agreement with TIO and Sigma Retail Partners to acquire Project Town for €16 million. The portfolio features land at Tallaght, Dublin 24 and an about 5-acre site in Galway, for which the company has bought residential development rights. Factoring in a 9.8-acre site acquired by Glenveagh Homes in Bray, County Wicklow, Project Town may offer more than 800 units.
Separately, on Jan. 29, the group said it signed contracts for two development sites at Citywest Road, Dublin 24 and in Hollystown, Dublin 15, for a total consideration upward of €25 million. The former offers the capacity to deliver 195 residential units, while the latter is expected to present 200 family homes between 2019 and 2023, subject to planning.
Glenveagh Living's development pipeline comprises of over 1,200 units, being built for rental communities, whereas Glenveagh Homes, which is developing seven sites, will have upward of 700 units under construction in 2018.
