UK residential property firm Quintain Limited has established a subsidiary in Ireland with plans to develop more than 9,000 new homes and 600,000 square feet of commercial space.
Quintain Ireland will be responsible for the residential development of over 460 acres of prime assets in Ireland at Adamstown, Clonburris, Portmarnock, and Cherrywood.
All these sites are owned by affiliates of Lone Star Funds and will be managed directly by Quintain.
The business will be jointly led by former Anglo Irish Bank executive Eddie Byrne and former NAMA executive Michael Hynes.
Its existing Irish portfolio, will make Quintain the third largest residential developer in the country.
Its Adamstown site can accommodate approximately 5,000 homes across 220 acres of land, with further land at the neighbouring Clonburris site, to build approximately 350 houses.
The recently acquired Cherrywood site is 120 acres and has an expected capacity of 3,000 homes and the 87 acres in Portmarnock has the potential for 1,000 homes.
Quintain said the decision to expand into Ireland follows the increase in demand for housing, especially in the Greater Dublin area, as more people move to take advantage of the strong economy and job opportunities.
Eddie Byrne, Joint Managing Partner of Quintain Ireland, said the new venture has the potential to deliver more than 9,000 new homes in the Greater Dublin area, where there is a pressing need for increased housing supply.
"Quintain Ireland will combine the knowledge of our team on the ground with the wealth of expertise of our parent company in delivering major residential projects. In 2020 we expect to more than double the size of our team in Ireland and expand our development pipeline," Mr Byrne added.
The UK company is perhaps best known for the ongoing development of Wembley Park in London.
The 85-acre site surrounding Wembley Stadium has become one of the largest urban regeneration projects in Europe with over £2 billion invested so far and another £1 billion expected by 2022.
The development is already home to 3,500 residents with another 3,100 homes currently under construction. The project is expected to be fully built by 2027.
