They are also looking for more land to build upon, to meet market demand after years of stalled house building.
The company has bought 42 acres of land by the Apple HQ, in Cork’s Kerry Pike, and will launch and start to build more than 100 homes there this spring, according to directors Michelle O’Flynn and Tom O’Driscoll.
They confirmed they have secured more than 20 house “sale agreeds” just before Christmas to home-hunters, after a low-key December launch with agents Sherry FitzGerald, in Cork City and suburban locations such as Ballincollig, Rochestown, and Boreenmanna Rd, as well as in Crosshaven.
The values of the 20-plus individual properties sold ranged from €155,000 to €860,000, meaning sales in the few weeks before Christmas would have topped €5m.
Following resolution of issues last year with US venture fund Blackstone, the O’Flynn Group has essentially retained its landbanks and development assets in the likes of Cork and Dublin, where they will now ramp up home building again.
O’Flynn Construction chairman, Michael O’Flynn, said last year that he could build up to 10,000 houses around the two cities over the next decade, and has enough zoned land in Cork alone for 2,500 new homes.
Now, the group is looking to add to its developable land banks, and confirmed the purchase of 42 acres of zoned land with planning granted to D&J Builders for 139 homes near Apple’s Hollyhill HQ, at Kerry Pike, from receivers KPMG. It’s understood they paid more than €4.2m for the land with planning, and “we are looking for land; land is our raw material, but we will look at everything,” said O’FC commercial director Tom O’Driscoll.
Property director Michelle O’Flynn said they will start to build on remaining individual house sites in Mount Oval Village, for 14 large detached houses, and further phases in Old Quarter, Ballincollig, and in Crosshaven.
See Property and Interiors