Cairn Homes Sells Six Hanover Quay for €101m - Construction Network Ireland - Construction Network Ireland

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Published in Commercial Property on 28/06/2018

Cairn Homes Sells Six Hanover Quay for €101m

CNI Editor reports

Cairn Homes has agreed to sell  Six Hanover Quay development for €101m.

The Dublin city centre development is being sold to a special purpose company managed by Carysfort Capital, an Irish real estate investment manager.

The development, which is currently under construction, is made up of 120 apartments, a 5,000 sq. ft. restaurant and 1,400 sq. ft. café.

The price paid for the development, which is due to be completed in early 2019, represents an average gross sales price of €800,000 for each of the apartments.

“The sale of Six Hanover Quay in a single transaction is a tremendous outcome for our business which will deliver a strong return for our shareholders,” Michael Stanley, CEO and co-founder of Cairn, said.

“Three of the twelve sites we are building on today are apartment schemes in Dublin city,” he continued.

Looking forward and Mr Stanley said the Cairn plan to commence three further apartment developments in the next twelve months.

“The nature and extent of our ambitious apartment construction activities will make an important contribution to this city which suffers from a stark imbalance between office and apartment construction.”

“Dublin needs places to live to match the quantum of places to work.”

Last year the Dublin-listed group reported revenue of €149.5m, an increase on the €40.9m recorded in 2016.

REF: Independent