After a spell in sales and construction limbo, having exited Nama, and after a fight for survival with US fund Blackstone who had acquired their loans in 2104, Cork-based developers O’Flynn Construction are back to basics and back to business — looking to buy more land and to ramp-up house building.
And, they are about to start a brand new 100-plus house development within a few months near the Apple European HQ, on lands at Kerry Pike which they have just acquired (pic above.)
in addition, O’Flynn Construction have also just chalked up 21 sales and netted well over €5 million in the quiet month of December, in a surprise release of finished and close-to-finished stock at Belfield Abbey on Boreenmanna Road, in Mount Oval Village, and in Old Quarter Ballincollig. They have rapid sales agreed on over 20 individual houses through Sherry FitzGerald, at prices from €200,000, to as much as €860,000 in Mount Oval.
Now, further completions and more sales are being prepared at those locations, along with new construction at Mount Oval, where there are 14 detached houses due to be built, as well as building a further phase in Old Quarter Ballincollig, and in Brightwater, Crosshaven.
In an assertive ‘back to business’ drive, O’Flynn Construction’s Property Director Michelle O’Flynn, and Development Director Tom O’Driscoll have confirmed that they are actively scouting for land for house building, and commercial developments.
“We are looking for land, we will look at everything,” they said, confirming they had checked out a number of recent Cork area land offers, and moved on some.
They have now secured 46 acres of zoned land which has planning for 139 houses at Coolymurraghue, Kerry Pike near Clogheen, close too to Apple’s expanded European HQ at Hollyhill, where CEO Tim Cook last year promised 1,000 new jobs, bringing local employment to 6,000. The land was bought for €4.25m through Irish & European, for receivers KPMG and had planning granted for previous owners D&J Builders.
The aim is to go on site at Kerry Pike to start building up to 100 new homes, from March, says O’FC’s Tom O’Driscoll, and they are due to sell detached and semi-detached houses there via agents Sherry FitzGerald Cork, at as-yet unconfirmed prices.
Meanwhile, in Dublin Sherry Fitz are also are selling 70 large, c 2,500 sq ft detached houses at Rokeby Park, Lucan, for O’Flynn Capital Partners, at prices from €695,000, in a c €40m plus new scheme on Lucan land which O’Flynns acquired eight years ago.
Prior to Christmas, Michael O’Flynn, chair of the O’Flynn Construction Group, said his firm aimed to build up to 10,000 new homes in the coming eight years, primarily in Dublin and in Cork, where O’FC started off in 1978. The company curently controls land in Cork with zoning for 2,500 new homes.
That aim is facilitated by last year’s €400 million partnering with US-based Avenue Capital Group, along with AIB. Mr O’Flynn has said the group’s refinanced ability to “move ahead with these developments will contribute significantly to a key infrastructure deficit in Ireland today – the chronic lack of new homes.”
After a resolution of issues with US-based Blackstone, the O’Flynn Group has essentially retained its development assets, land and sites, and will go back building, while it has also agreed to fit-out the remaining apartments at the 217-unit, 17-storey Elysian building in Cork for Blackstone: it will meet a pent-up demand for quality rental accommodation in the city centre, with up 1,700 jobs due alongside the Elysian, at One Albert Quay.
Late last year O’Flynn’s said they had 250 houses and apartments in Cork they were getting ready to sell, and evidence of the pent-up demand, and shortage of housing stock came when they instructed estate agents Sherry FitzGerald to start selling, in the first week of December.
Despite the market heading into Christmas wind-down, over 20 sales were agreed in the run up to the holiday break, revealed Sherry Fitz’s Cork MD Sheila O’Flynn: “it’s a really good, positive news story getting stock back like this for sale, and for it to sell so quickly. We did 98 viewings, and met well over 100 people, a lot of them new faces, looking to buy.”
The sales included a seven-bed detached in Clarkes Wood, Mount Oval for €850,000 and a six-bed there is under negotiation at over its €680,000 asking price. Also in Mount Oval, six two-bed duplexes in the Clarkes Wood, Maple Court and Rowan Hill sections had agreed sales between €195,000 to €235,000. A further wide range of homes is available including duplexes, townhouses, three-beds and a five/six bedroom detached home, at prices from €190,000 up to €680,000.
In Ballincollig, home to EMC and VMWare among others, sales agreed pre-Christmas included five two-bedroom apartments and one one-bed at Leslies Arch, Old Quarter between €155,000 and €200,000, two two-bed duplexes €195,000 and €200,000 each, and a three bedroom semi-d €287,500. A five-bed, 2,145 sq ft detached in Millers Court, was sale agreed at €545,000. Other O’FC stock to sell at Leslies Arch, Coopers Grange, Millers Court and Waltham Abbey, ranges from one bed apartments to five bed detacheds, priced from €155,000 to €545,000.
In Belfield Abbey, Boreenmanna Road, three and four-bed houses of 1,465 and 1,595 sq ft were sold, at €405,000 and €407,000.
Other townhouses, four bedroom detached and semi-detached, and five/six bedroom detached homes, ranging in price from €395,000 to €590,000 have just been released in Belfield Abbey: the scheme of 65 homes on 4.8 acres em was built in 2007, and substantially-occupied since.
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