Property group behind plans to develop Vita Cortex site agrees €65m joint venture with Avenue Capital

Duffy Property Group is targeting annual housing delivery of 500 units by 2030

Laura Purcell, Barry Duffy, Mike Duffy of Duffy Property Group. The group has agreed a €65m joint venture partnership with Avenue Capital Group

Duffy Property Group, the residential developer behind plans to develop the Vita Cortex site on Cork's Kinsale Road, has agreed a €65m joint venture partnership with Avenue Capital Group which will help to fund developments in Cork and Galway, as the company targets annual housing delivery of 500 units by 2030.

Headquarted in Galway, the company has developments across the country, including in Cork, Galway, Dublin, Limerick, and Waterford. The partnership with Avenue will part-fund more than 800 new homes across Duffy Property Group’s existing portfolio in Galway and Cork. The group has a near-term acquisition pipeline of around 1,500 homes.

 “This partnership with Avenue is an important endorsement of Duffy Property Group, the team we have built and the residential development platform we are now scaling. We have a long track record of developing and building in Ireland, and this partnership combines that capability with long-term institutional capital and expertise," said Duffy Property Group chief executive Barry Duffy. "It gives us the capacity to accelerate delivery from our existing portfolio while continuing to originate and acquire new opportunities.

“Ireland has deep and sustained demand for new housing across private, affordable and State-supported tenures. Increasing delivery requires experienced developers to have access to the right forms of long-term capital, and Avenue’s Homebuilder Capital Solutions Fund is an important addition to the Irish funding market.”

Duffy is led by Barry Duffy as CEO with Mike Duffy and Laura Purcell (neé Duffy) as COO and CFO respectively. Kevin Mahony joined the business late last year as CIO. The group is  actively seeking further large-scale residential development opportunities of 200 or more units.

In 2025, planning permission was granted to Duffy Property Group to develop the long-vacant Vita Cortex on Kinsale Road to build 170 new homes on the 1.2-hectare site, including  158 apartments and 12 townhouse-style apartments, as well as spaces for retail, creche, cafe, and management offices. 

Other future projects planned by the group include the Westbourne Residence at Courtback Avenue in Limerick. 

Padraig Moore, Co-Head of Avenue Europe Funds, Avenue Capital Group, said: “Avenue is pleasesd to support Duffy Property Group’s residential delivery programme in Ireland. Duffy Property Group combines a longstanding track record with an experienced team and an integrated delivery model. We look forward to supporting its continued growth.” 

The transaction was supported by Doherty Solicitors acting for Duffy Property Group and Arthur Cox acting for Avenue Capital, with corporate and tax advice provided by Forvis Mazars.