850 homes planned for south Dublin in €375m devel­op­ment

Mas­sive project seeks ap­proval as Lane warns sup­ply could lead to price falls

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE - Samantha Mc­caugh­ren

HOUSE-BUILDER Vic­to­ria Homes is to seek plan­ning per­mis­sion for 850 homes in south county Dublin, in what would be one of the coun­try’s largest res­i­den­tial build­ing projects since the on­set of the re­ces­sion.

The plan­ning ap­pli­ca­tion for the €375m scheme will go straight to An Bord Pleanala un­der the fast-track process. The homes are planned for Gle­na­muck Road, in Car­rick­mines.

It is the first ma­jor project for Vic­to­ria Homes, which is run by Derek Byrne and Danny Whe­lan and backed by in­ter­na­tional in­vestors.

Byrne said that there would be a broad mix of homes in the devel­op­ment, rang­ing from one-bed­room apart­ments to four-bed­room homes.

“We’ll be look­ing for 850 units and that’s a mix­ture of apart­ments, du­plexes and three- and four-bed­room houses,” said Byrne. Vic­to­ria would seek to build 200 homes in the first phase and build more as in­fra­struc­ture de­vel­ops as out­lined in a mas­ter­plan for the area.

Last week, Cen­tral Bank Gov­er­nor Philip Lane said there was a “ma­te­rial risk” that house prices could go into re­verse over the next two or three years as more sup­ply comes on­line.

Byrne said that he did not think the mar­ket was as strong on the up­per end as was widely be­lieved. He said he ex­pects the mar­ket to re­main strong, but that prices will sta­bilise due to the Cen­tral Bank bor­row­ing lim­its.

Vic­to­ria Homes has worked on 23 smaller projects since it was es­tab­lished in 2012. Other de­vel­op­ments in­clude Cor­ry­beg Way in Dublin’s Tem­pleogue, where prices range from €850,000 to €1.2m.

“In the back­ground, we have been work­ing on land deals for the past 12 to 18 months,” said Byrne.

As well as the Gle­na­muck plans, Vic­to­ria Homes has sites in Dublin 14, 16 and 18 and plans for an­other 1,000 or so units, he said.

A com­pany linked to it had been au­tho­rised to is­sue up to €50m worth of bonds on Copen­hagen’s Nas­daq First North Ex­change. Byrne told the Sun­day In­de­pen­dent that it did not ma­te­ri­alise.

Ac­cord­ing to the Com­pa­nies Of­fice, the ma­jor­ity of shares in Vic­to­ria Homes are now owned by a com­pany based in Belize, Cen­tral Amer­ica, called Vic­to­ria Hold­ings.

The com­pany also has links with de­vel­oper Paddy Byrne, a for­mer busi­ness part­ner of Whe­lan.

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