Cairn Homes plc Citywest Quarter EUR90m Sales Launch of 282 Units (7543U)
April 01 2019 - 12:33PM
UK Regulatory
TIDMCRN
RNS Number : 7543U
Cairn Homes plc
01 April 2019
Cairn Homes launches sale of 282 PRS apartments at Citywest
Quarter guiding EUR90 million
1 April 2019: Cairn Homes Plc ("Cairn", "the Company" or "the
Group"), the leading Irish homebuilding company, has commenced a
formal sales process with a view to forward selling the Citywest
Quarter comprising 282 apartments. Cairn's appointed agents Savills
and Hooke & MacDonald are guiding a sale price of EUR90 million
for the development, reflecting an average unit price of
EUR319,150. Cairn recently commenced construction of this
development.
Following the successful sale of Six Hanover Quay in Dublin City
Centre for EUR101 million (incl. VAT) announced on 28 June 2018,
there continues to be significant demand from institutional
investors seeking high-quality blocks of apartments. The
development separately contains 123 houses, 42 duplex units and 14
apartments which will be offered for sale to individual homebuyers
in the private market. The first delivery of the apartment blocks
is expected in Q4 2020, with final delivery expected by the end of
Q3 2021.
Cairn is today also pleased to welcome the successful grant of
planning permission from An Bord Pleanála for the development of
its 385 unit Griffith Avenue site, comprising 377 apartments and
eight houses.
In recent weeks, Cairn has also received successful grants of
planning permission for its developments at Marianella, Rathgar for
107 apartments and at Cross Avenue, Blackrock for 221 units,
comprising seven houses and 214 apartments.
Michael Stanley, Co-Founder and Chief Executive Officer,
commented:
"We are pleased to today announce that we have commenced a sales
process for the Citywest Quarter development comprising 282
apartments. The sales process is aimed at institutional investors.
We are now active on 14 individual sites in the Greater Dublin Area
and continue to see significant demand for our new homes from
individual buyers, and from institutional buyers for some of our
larger apartment sites."
"Today also marks a significant achievement as we welcome An
Bord Pleanala's permission for our development in Griffith Avenue.
This is the seventh successful planning permission Cairn has
received through the Strategic Housing Development process in the
past 14 months for a total of 2,100 units. This reflects the
quality of our design and our engagement with the various planning
authorities and has been a significant support for Cairn's
ambitious growth plans."
Citywest Quarter is conveniently situated adjacent to the
Fortunestown light rail stop, which provides direct direct access
into Dublin City Centre, and the immediate area is a hub of
economic activity. Citywest Business Campus, which is adjacent to
the development, is home to more than 200 companies employing over
8,000 staff across a range of business sectors including leading
players in the pharmaceutical, medical, financial, IT and software
and telecommunications sectors.
-ENDS-
For further information, contact:
Cairn Homes plc
+353 1 696 4600
Michael Stanley, Co-Founder and CEO
Tim Kenny, Group Finance Director
Drury Communications
+353 1 260 5000
Billy Murphy
Morwenna Rice
Louise Walsh
Finsbury
+44 207 251 3801
Gordon Simpson
Charles O'Brien
Notes to Editors
Cairn Homes plc ("Cairn") is the leading Irish homebuilder
committed to building high-quality, competitively-priced,
sustainable new homes in great locations. Cairn operates a defined
and established business model which brings together the best town
planners, architects, subcontractors and designers in collaboration
with our own experienced team. At Cairn, the homeowner is at the
very centre of the design process and we strive to provide an
unparalleled customer service throughout each stage of the
home-buying journey. A new Cairn home is thoughtfully designed and
built to last with a focus on creating shared spaces and
environments where communities prosper. Cairn owns a c. 15,100 unit
land bank across 32 residential development sites, 90% of which are
located in the GDA with excellent public transport and
infrastructure links. Cairn is today building on 14 sites in the
GDA, which will deliver 5,000 new homes.
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END
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