Builders back in action

Builders and developers who worked through the seven years of property market implosion and slump are beginning to gear up for a return to construction in cities like Dublin, Galway and Cork.

Builders back in action

In Cork, long-established developer Declan O’Mahony of Bride View Developments is believed to have just exited the Nama process in recent weeks, having disposed of a number of assets, and may be looking to acquire sites again for house building in 2015.

Mr O’Mahony has been over 35 years in the business, and held a number of senior CIF posts in Cork, with developments in Cork city and county.

In Dublin, meanwhile, Savills are set to launch ten new house and apartment schemes early in the year, while out in Lucan, up along the Liffey from Dublin city, Cork-based developer Michael O’Flynn’s company O’Flynn Capital Partners has just broken ground on 71 detached four and five-bed homes, on a site with a development value of €40m.

The scheme, Rokeby, is to be sold via Ivan Gaine of Sherry FitzGerald New Homes. Prices for the A-rated houses of 2,000-2,500 sq ft haven’t been determined, and they’ll be on sites of one-fifth of an acre. Adjacent, older houses are currently selling in the €600,000-plus bracket in other schemes. It’s understood O’Flynn Capital Partners acquired the Lucan site seven years ago. Mr O’Flynn, via other companies in the O’Flynn Group, has built thousands of houses in Cork over the past 25 years, and bought several Dublin sites in the 2000s, including one on the Long Mile Road. He is currently involved in legal action with Blackstone, who acquired O’Flynn Group loans from Nama during 2014.

“We are delighted to have begun construction on this site. It’s an excellent location, adjacent to many amenities, and once the development is completed we expect there will be strong demand for such high-quality housing in the Dublin market,” said Mr O’Flynn.

Meanwhile, in Galway, Burkeway Homes has started work on over 70 new houses at Ballymoneen, Knocknacarra, expecting to generate 200 jobs in 2015. They will be a mix of three and four-bedroom semi-detached and detached houses, designed by architects McCauley Daye O’Connell. The development is being funded directly by NAMA. “This will be one of the first large-scale residential developments in Galway for the last five years and will offer well-located, high-quality homes designed with families in mind.” said Burkeway Homes director Michael Burke.


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