Glenveagh Properties has agreed a €150m deal to construct 337 homes in the Cork docklands for the Land Development Agency (LDA).

Construction of the homes has already commenced, and under the terms of the transaction, the LDA has bought the homes through a “forward funding” mechanism.

“Our completion of the Cork Docklands transaction with the Land Development Agency marks a significant milestone for Glenveagh," said Stephen Garvey, CEO of Glenveagh.

"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."

Glenveagh has obtained planning permission for an additional 176 units, bringing the total number of homes planned at the docklands site to 1,178.

This is the sixth major active transaction agreed by Glenveagh and an Irish public sector body following three additional partnerships this year, including the €52m deal for 139 homes in Brownsbarn, Co Dublin announced last month.

The agreement follows the LDA's appointment of Glenveagh to a Framework Panel under a tender process for the Tosaigh 2 initiative last September.

Glenveagh completed 2,415 homes last year as its pre-tax profits more than doubled from €55m to €113m.

Meanwhile, revenues increased €261m from €608m in 2023 to €869m, with public-private partnerships contributing revenue of €120m.

Of the 2,415 total, 1,650 were suburban homes, up 24% from 1,328, and the value of the group's forward order book rose 48% to €950m.

The group's suburban segment generated €631m in revenue, primarily from 1,650-unit sales with an average selling price of €365,000, while the urban segment chipped in €118m.

Photo: Stephen Garvey. (Pic: File)