Victoria Homes doubles number of homes planned for Carrickmines site to 1,500
Extended plan represents largest residential development undertaken since recession
As well as the Carrickmines development, Victoria Homes has acquired sites in Dublin 14, 16 and 18 and has plans to build more than 2,500 housing units. Photograph: Chris Ratcliffe/Bloomberg via Getty Images
This is nearly double the number of units contained in the original plan for the Glenamuck Road site, making it the largest residential development undertaken in the State since the recession.
The proposed €500 million development will be evaluated directly by An Bord Pleanála under the fast-track process.
As well as the Carrickmines development, the company has acquired sites in Dublin 14, 16 and 18 and has plans to build more than 2,500 housing units.
Separately, Victoria Homes has said it is confident that a long-running dispute over an alleged debt with a sub-contractor can be resolved without further legal action.
The company is facing a possible wind-up petition from Laois-based builder Brendan Lynch, owner of BM Lynch Construction, over an alleged €100,000 debt.
The High Court adjourned the case for three weeks on Monday to allow for “constructive talks” between the parties. Those talks are now thought to be nearing conclusion.
Mr Byrne told The Irish Times that he was confident a resolution could be found and that the case pre-dated his and Mr Whelan’s acquisition of the company last year.
He said the case was “symptomatic of the poor contract practices that plagued the industry in the past”.
“The arrangement was not typical of the type that we would have with our subcontractors today,” Mr Byrne said. “The tightening up of our procurement and tendering processes has thankfully seen many of these legacy issues resolved,” he said.
“Our immediate focus for the team here is to deliver the 2,500 homes we have in the planning pipeline across south Dublin and we are looking forward to bringing these large developments to fruition,” he said.
“As the matter officially remains before the court it would be inappropriate to make further comment at this time but it is hoped that with the goodwill of all sides the matter will not trouble the court any further,” he added. Mr Lynch could not be contacted.
Victoria Homes is backed by international investors and its main holding company is in Belize in Central America. Its largest creditor is Lotus Investment Group, which is owned by Israeli hedge fund investor David Grin.