More than 1,250 residential units are to be developed in Tyrrelstown near Dublin.

Glenveagh Properties has exchanged contracts to acquire a circa 113-hectare site, 39 hectares of which are zoned residential, in Dublin 15.

The acquisition, which is adjacent to the Group's existing site at Hollystown Golf Club, is expected to complete in Q3 2018 with the combined site expected to deliver units from 2019.

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"The addition of Tyrrelstown to the Group's portfolio further strengthens Glenveagh's ability to deliver starter homes in the GDA in proximity to key transportation nodes," the Irish homebuilder said.

"The exact purchase price is commercially sensitive but is in excess of €65m."

(LM/MH)