Irish builder Glenveagh buys 113-hectare site in Dublin

Land has the potential to accommodate up to 1,250 residential units

Photograph: iStock

Photograph: iStock

 

Irish housebuilder Glenveagh Properties has bought a 113-hectare site in Dublin for more than €65 million that could see 1,250 residential units built.

The Dublin and London listed company said contracts have been exchanged on the site at Tyrrelstown, which is adjacent to the group’s land at Hollystown Golf Club.

Some 39 hectares of the site are zones for residential units. The deal is expected to close in the third quarter of this year, with the combined site expected to deliver units from 2019.

The group would not confirm the exact purchase price, saying it was commercially sensiitive but said it was un excess of €65 million.

Separately, Glenveigh said its had completed the acquisitions of Project Hector, which will yield 700 units, and Project Bill, which will add 400 units subject to planning. Glenveagh also said it has completed the consensual “loan-to-own” transaction at Castleforbes Business Park in Dublin 1.