Stock market listed homebuilder Glenveagh Properties has signed a contract to buy a site in Dublin's North Docklands for over €40m.

Glenveagh said the two hectare site - 1-3 East Road - had the potential to hold up to 450 residential units, subject to planning approvals. 

The company said the deal is expected to complete by the end of the year.

This deal is Glenveagh's first in the Dublin Docklands area, one of the city's major urban hubs and re-generation areas.

Glenveagh co-founder and CEO Justin Bickle said the acquisition demonstrates the company's ability to deploy the equity proceeds from its IPO in a timely fashion. 

Mr Bickle also said that over the course of the past eight weeks the company had increased its employee numbers from 85 at the time of its flotation in October to 116.

He said the company is now active on five construction sites, which will rise to seven during the first quarter of  2018.

"We are on course to become a residential delivery platform of scale and look forward to announcing additional site acquisitions in 2018," the CEO added.