Home of The New
At Glenveagh our vision is that everyone should have access to high-quality homes in flourishing communities across Ireland. To achieve this vision we innovate how we plan, design & build high-quality homes for where our customers want to be and for how they want to live. We take pride in the enduring quality of everything we build and we design and craft each detail to make life easier and more enjoyable. We believe that everyone should have the opportunity to live in beautiful homes that simply make life better.
We are opening up access to high-quality new homes at scale for first-time buyers, and for people looking for homes that meet their changing needs. We are a national developer and builder that embraces the new. New partnerships, new technologies, new standards, and new approaches. Our new ways of working built on deep expertise and proven experience ensure that we deliver beautiful modern homes that enhance the lives of our customers, the communities where they live, and the environment that surrounds them.
At Glenveagh we bring new ideas home.
We are home of the new.
Glenveagh delivers across three distinct business segments - Suburban, Urban and Partnerships - as a single business, capitalising on scale advantages and investing to optimise return on capital. These business segments have differing characteristics in terms of product, end-market, location and exit mechanism. Each business segment benefits from the Group's attractive landbank, proven delivery platform and industry leading central resources covering the entire process outside of construction delivery. Our single underwriting team are complemented by centralised planning & design, manufacturing, procurement and PLC functions. The focus on three distinct verticles and exit optionality through increased sales velocity that approach has brought has allowed the Group to increase its output targets significantly since IPO. Reflecting confidence in where the delivery capability has evolved, the Group's medium-term output targets were increased for 2022, 2023 and 2024 to 2,350, 3,050 and 3,000 units respectively.
Suburban product is primarily first-time buyer housing with some low-rise apartments with demand coming from private buyers and institutions. This means affordable, high quality homes in locations of choice at €325,000 or below. The Group has an overwhelming Greater Dublin Area focus in our portfolio however the product is required nationally. Suburban meets private and institutional demand for our product via traditional build-to-sell to first-time buyers and forward sale PRS structures to institutions.
Partnerships are accretive to the business over the long-term. A partnership typically involves the Government, local authority or state agency contributing their land on a reduced cost or phased basis into a development agreement with Glenveagh. It has a reduced risk from a sales perspective where approx. 50% of the product will be delivered back to the government or local authority for social and affordable homes. Over time this will de-risk Glenveagh's market exposure and provide:
- access to both land and deliveries for our Suburban and Urban segments;
- strong ROCE profile; and
- increased business resilience with reduced risk.