A property portfolio that included a large site on the Kildare border with Dublin was sold by Ulster Bank to an eagle-eyed property developer who stands to make an absolute fortune in the near future from the purchase.
Cairn Homes, which is one of the country's largest property developers, snapped up sites in Newcastle, Adamstown and Clonburris that have planning permission for the construction of 6,126 homes in total. The value of each site is estimated at around €100,000, but it is understood that the developer purchased them for an average of just €19,000 per site.
The sites were part of Ulster Bank's 'Project Clear' portfolio that was purchased by Cairn for a total of €378 million, though it is reported that the true worth of that portfolio is now €1.75 billion.
Cairn's Chairman, John Reynolds, is also said to have bought further sites in Kildare as the company plan to build a staggering 11,229 homes in 27 different areas in the future. It is not reported how many of these homes will be built in Kildare as of yet.
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