Gannon Homes back in profit

One of the country’s best-known developers, Gerry Gannon, has made a successful return to the house building business.

Gannon Homes back in profit

This follows a spokesman for Gannon Homes yesterday confirming that the firm has sold all of the 100 homes it has built this year and plans to more than double output in 2015.

Confirmation of the successful return of Mr Gannon’s firm to house building coincides with new accounts just filed by Mr Gannon’s Gannon Homes Ltd confirming a return to profit last year.

Accounts just filed by the firm for 2013 show that the firm’s accumulated losses narrowed by €8.1m from €143m to €134.9m.

Earlier this year, in a press interview, Mr Gannon — “the man in the hat” and one of the Maple 10 Anglo investors — confirmed his firm was recommencing building homes in north Dublin.

He said: “There is a recovery. We’re starting to build houses again in North Dublin. We’re building 500 houses in Swords.”

A spokesman for Gannon Homes yesterday confirmed that the 100 houses built by the company this year have all sold out and confirmed plans by the firm to build ‘250 plus’ in 2015.

He said: “We have an ambitious building programme in place.”

In September, Gannon Homes launched the biggest new homes launch in the capital in recent years with the first phase of the Millers Glen development, comprising 60 new houses near Swords.

The Gannon scheme is being funded with development finance provided by Nama, which is currently managing Gannon’s substantial loans.

The new scheme has permission for up to 1,500 homes by the time it is completed, and is expected to meet some of the pent-up demand for family homes in the capital.

The Gannon Homes spokesman said the sell-out of the homes “gave us huge confidence, but Gannon Homes has a long established strong reputation of delivering a very good quality product”.

Construction work on the next 60-unit phase of the Millers Glen development is expected to commence early in the new year.

The abridged accounts do not show what Mr Gannon and his fellow directors received in 2013.

However, an examination of the firm’s accounts between 2011 and 2006 show that Mr Gannon, Aidan Kenny and Michael Anglim shared total remuneration of €7.2m, including an exceptional pension payment of €1.5m in 2006.

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