Capel Developments has been in the news this week following the decision by members of Clontarf Golf Club to sell the 77-acre course to the developer.
In a deal worth €125 million, Capel's offer included a commitment to pay all full members €100,000, a €20 million lump sum to the club and to fund alternative courses and facilities.
In addition it is believed that lady members will be paid €27,000 each and pavilion members will get €15,000.
The decision by the club members to sell has prompted criticism from Cllr Paddy Bourke, Dublin Lord Mayor, who said that the members were not entitled to sell the land for development because the land was leased from the city council for golf use only. Capel Developments is owned by Eddie Keegan, Liam Kelly and John O'Connor, who set up the company in 1995. Over the past decade, Capel has earned a name for itself as a solid homebuilder and is now a major player in the Dublin apartment market.
It has built a number of high-end developments in south Dublin. Most notable was the redevelopment of the former British Embassy at 31-33 Merrion Road in Ballsbridge.
Capel has retained all 50 apartments and penthouses as a long-term investment. Rents between €2,200 and €3,500 are being achieved for two-bedroom apartments at the scheme. Similarly, Capel retained all the units it built at Sandford Lodge in Ranelagh beside Gonzaga College.
Other schemes include Linden in Blackrock, Riverpark at Islandbridge and Dunstaffnage Hall in Stillorgan.
The company is among three major developers involved in the major new residential district at Ashtown.
Earlier this year Capel finally secured planning permission to build 280 units at the Premier Dairys site in Churchtown, Dublin 14.
The company has been trying to get planning on the 3.47-hectare site since it was acquired in 1999. The scheme will be launched early in the new year.
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