Glenveagh Properties has completed the sale of 337 apartments at Cork Docklands to the Land Development Agency (LDA) for €150 million.
The company entered a tender process with the LDA in 2023, while a panel of developers was formed with Glenveagh in September, and the Cork Docklands site was selected for completion.
The sale follows the granting of planning permission at the site for an additional 176 units bringing the total available homes to 1,178.
Construction is already progressing on site and the transaction represents the sixth active project for Glenveagh following the award of three partnerships this year, including the €52 million sale of 139 apartments at Brownsbarn, Dublin, last month.
Glenveagh chief executive Stephen Garvey said the completion of the Cork Docklands deal 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.
“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 recently reported its operating profit rose 86 per cent last year to €132 million, as its house sales and revenues powered ahead.
Revenue increased 43 per cent to €869 million as group home sales jumped 77 per cent to 2,415 units.
The company’s gross profit margin widened to 21.5 per cent from 18.5 per cent, mainly reflecting a “strategic focus on innovation and efficient unit delivery” of houses, it said in a trading statement.
Earnings per share more than doubled to 17 cents and the group forecast that it will rise to 19.5c this year, more than 4 per cent above what analysts, on average, had been expecting.
The group said it has secured planning permission for 2,487 units ensuring that all targeted output for 2025 is fully approved. It has a forward order book for home sales worth €950 million, up 48 per cent on the year.
