Homebuilder Glenveagh completed 1,150 home sales in 2021, despite the 13-week Covid-19 lockdown in the first half of the year, increasing revenue 64% on 2020, and 36% compared to pre-pandemic 2019.
In a trading update for the year ended 31 December 2021, Glenveagh said its revenues in 2021 rose to €476m from €232m the previous year. Its core revenue totalled €402m, primarily from 977 unit sales, with core suburban average selling price at €308,000 down from €311,000 in 2020.
Glenveagh said it finished the year with 605 suburban units contracted or reserved for 2022, indicating strong demand, particularly from first-time buyers, and the maturing sales profile within the business.
Glenveagh also stated that it had bought suburban land with the potential for 2,700 units in 2021, 75% of which has planning, at an aggregate cost of €72m.
The group completed the sale of three individual urban developments during the year. Union Investment acquired the Castleforbes, Dublin Docklands, hotel site and subsequent development of the Premier Inn hotel as part of a €70m forward funding arrangement. Eagle Street acquired the Castleforbes, Dublin Docklands, residential and second hotel sites for €78.5m. It also completed the sale of 75 units at Dargan Hall, Bray for approximately €25m.