Glenveagh Properties Sells 337 Apartments To Land Development Agency In €150M Deal

Housebuilder Glenveagh Properties has sold 337 apartments at Cork Docklands to the Land Development Agency for €150M.

The sale follows planning permission granted at the site for an additional 176 units, bringing the total available homes to 1,178.

Construction is underway on-site, and the latest deal represents the sixth active project for Glenveagh, following the award of three partnerships this year, including the €52M sale of 139 apartments at Brownsbarn, Dublin, in January.

Glenveagh CEO Stephen Garvey said the completion of the Cork Docklands agreement with the LDA “marks a significant milestone” for the company.

“The partnership underscores our commitment to delivering high-quality homes and highlights our strategic focus on public-private collaborations and our ability to execute large-scale projects efficiently,” he said in a statement. “With construction already progressing on site, this project represents the sixth active initiative for our partnerships division, further solidifying our position as a leading home builder in Ireland.”

Glenveagh Properties reported operating profits up 86% last year to €132M as revenue increased 43% to €869M, with group home sales jumping 77% to 2,415 units.

The group said it has secured planning permission for 2,487 units, ensuring that all targeted output for 2025 had been fully approved. It has a forward order book for home sales worth €950M, up 48% on the year.

Ireland’s housebuilders are hoping that early indications from the new administration over increasing the country’s production of new homes will help unlock more development sites and improve the planning process.

The group’s controlled land bank is now approximately 20,000 units supporting the delivery of between 2,600 and 3,600 equivalent units per annum through 2029, the company said in its update.

Meanwhile, Irish Residential Properties REIT has said it will return €5M of excess capital to shareholders. The cash arose from its ongoing sales programme, and the REIT said individual units are achieving prices in excess of book value.

The country’s biggest private sector landlord completed 66 disposals last year as part of a capital recycling programme, generating gross proceeds of about €19M, with a €1.6M gain versus book value achieved through 21 individual unit sales. The company plans to sell a total of 315 units over three to five years.

In its preliminary annual results for 2024, Ires Reit CEO Eddie Byrne, who took the helm in early 2024, said the decision to buy shares rather than pay a special dividend reflected the current share prices.

The bulk of capital from asset disposals will be recycled into the business, including to reduce debt and potentially for acquisitions, he added.