Castlelands Construction, owned by Mallow man John Barry, has bought up four plots of land in the east of London sourced by Mallow property consultant Pat Shine. . On that land it is to develop almost 4,000 residential units in the coming five years.
Designs for the first project, two glass-fronted ship-like 30-storey blocks on an acre of land overlooking the Thames, have already been created and a planning application will be lodged shortly.
The blocks, entitled Tidal Basin, will contain 615 units and are to be constructed by a new British division which Castlelands is currently establishing.
Given the location, the 1-3 bed units will not be cheap averaging £450,000 (€670,000). They have been designed by world renowned architects, SOM, designers of the Freedom Tower which is being developed in New York.
Tidal Basin project will take 18 months to complete after the developers secure planning, which they hope will be in place by next June.
Meanwhile the company is behind a €500 million town centre development in Douglas.
It has acquired, through property consultant Pat Shine, almost 700 acres of agricultural land in the Moneygourney and Ballinrea areas and is in negotiations for a further 115 acres at the existing Douglas Golf Course.
The company wants to build, over the next 10 years, 1,000 houses in Moneygourney and 1,000 houses in the present site of the course.
It will make a presentation to the golf club early in 2007 when it will propose moving the club to 400 acres of land closer to Ballinrea. There it has secured expert Robert Trent Jones to design two courses for the club.
If given the green light it intends to only build 240 of the 2,000 houses by 2009 with the rest to be built over the following seven years.
At the same time as building that first phase of houses it will also spend €27 million constructing a 120 acre municipal golf course at Ballinrea and in Moneygourney it will construct a €7 million 16-class school, an €8 million sports complex and a €2.5 million park and ride facility on the N28.
All of those facilities will then be handed over to the local authority.
Also in Moneygourney it intends to use 20 acres of its 145 acre development site for a business park with 20 units.
The houses in both the Douglas Golf Course site and the Moneygourney site will be medium density with no apartments according to Alan Daly, Castlelands’ Director of Operations.
The company has presented the council with a detailed cosmopolitan plan for the entire area and hopes to get the green light to lodge planning applications as soon as possible.