Glenveagh Properties has secured a €22m land deal in the Cork suburb of Douglas bringing its total spend on sites here in 2018 to about €50m. The publicly listed company’s latest acquisition is another challenge to the dominance of Cork’s home building market by ‘local’ developers.
Just over 42 acres of land at Maryborough Ridge, above Douglas and adjoining major existing schemes, have been secured by Glenveagh after seeing off offers from local and other bidders. A portion of around 19 acres is ‘ready to go’, with planning in place for 198 houses. A second 23-acre lot, also zoned, may take hundreds more.
It is understood that the year-old Glenveagh, which is listed on the Dublin and London stockmarkets, paid about 10% over the €20m plus guide for the lands.
They had been offered for sale by an unusual method — a license-to-develop agreement on Lot 1 and an option to buy on Lot 2 — via agents CBRE, acting for a Nama- appointed receiver. It follows Glenveagh Properties’ acquisition last month of the unfinished portion of the Eden development in suburban Blackrock, for 140 units for an unconfirmed €9m.
Glenveagh’s Cork activity started in spring when it paid €15m for land at Cork’s docklands, once ear-marked by Howard Holdings for 10 30-storey towers, and now said to be being lined up by Glenveagh for up to 1,000 apartments targeted at the build-to-rent sector.
Two sites in the same vicinity have been bought during 2018 by the Comer brothers for a combined €15m, also likely to be for apartments.
Headed by former JLL estate agent and former Nama head of asset management John Mulcahy as its executive chairperson, Glenveagh floated in 2017 with a €550m initial public offering, and now has landbanks for 11,600 units.
Last month, it applied directly to Bord Pleanála via a fast-track strategic housing development provision for 176 homes in east Cork’s Midleton at Maple Woods, Ballinacurra.
Glenveagh has 800 units under construction nationally, expecting 250 sales by the end of the year.