Cairn Homes announces completion of RTÉ site deal

London-listed builder pays €107.5m for prime Dublin 4 development site

 

Irish property group Cairn Homes says it has completed the acquisition of RTÉ’s Montrose Site in Dublin for €107.5 million.

The company emerged as the top bidder for the site following a tendering competition in June.

It said it was now fully focused on the design and pre-planning stage of development.

The London-listed company has signalled it plans to seek permission to build 500 apartments and 10 houses on the site.

“The acquisition of the RTÉ Montrose Site is another milestone for the Company as it continues to implement its strategy of building exceptional homes in great locations,” it said in a statement.

“ The company is now fully focused on the design and pre-planning stage with a view to achieving a planning permission befitting the quality and location of the RTÉ Montrose Site,” it added.

Cairn, one of the most active builders in the Irish matket, outgunned rivals, who included Cork property developer Michael O’Flynn, Joe O’Reilly’s Chartered Land and Richard Barrett’s Bartra Capital, for the prime Dublin 4 site.

The price offered by Cairn was significantly more than the €75 million guided by Savills, the agent that brought the site to market.