Building group Cairn Homes launches first Dublin sale

Three months after debuting on the London Stock Exchange, building group Cairn Homes will today launch the sale of its first Dublin housing development.

The initial phase of its Parkside development in Malahide, north Co Dublin, consists of 25 three- and four-bedroom homes, priced between €299,000 and €385,000.

The 50-acre site has zoning for 433 homes and Cairn expects to complete the first 200 homes before the end of 2016.

According to a recent report by the Society of Chartered Surveyors Ireland, Dublin City Council requires a minimum of 13,751 new homes to meet demand, which equates to 39 per cent of a total shortfall of 35,433 homes across the greater Dublin region.

Cairn’s Parkside site represents the first in a pipeline of developments, which include projects in the Dublin suburbs of Killiney and Rathgar.

Sites

It also considering acquiring 11 sites, valued at €120 million, with a potential to build about 1,600 residential units.

Cairn chief executive Michael Stanley said: “We are delighted to officially launch Cairn’s first development and to bring a range of high-quality new homes to the market at Parkside.

“As rent continues to increase across Dublin, there is strong demand for affordable family homes and we look forward to addressing that need with a superior product on well-located sites in Dublin and throughout the country.”

Established last year by Mr Stanley and Scottish accountant Alan McIntosh, the company reported half-year revenues of €51 million for the six months to the end of June. In the same month, it became the first Irish homebuilder to float on the stock market since McInerney Holdings in 1997, raising €400 million in equity capital.

The company recently paid in excess of €40 million for a housing site in the Dublin suburb of Rathgar, paying more than €10 million above the guide.