Fitzpatrick & Heavey Homes has expanded into the Limerick housing market after it closed a deal to buy a development site on the outskirts of the city for an undisclosed fee.
The company confirmed the deal as it commenced construction on the first phase of 105 homes on the 14½ hectare site in Patrickswell, Co Limerick.
Fitzpatrick & Heavey Homes chief executive Ciarán Fitzpatrick said the land bank acquired by the company has capacity for 400 homes in total.
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“The combination of existing planning permission, additional zoned lands and future development potential gives us a unique platform to deliver close to 400 homes over the coming years,” said Fitzpatrick.
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“Patrickswell’s proximity to Raheen, strong transport links and new hospital make it an ideal location for families, professionals and first-time buyers. We are excited to play a role in supporting the continued growth of the region and helping to address housing demand in Limerick.”
A spokesman for Fitzpatrick & Heavey Homes declined to disclose the purchase price of the site, which was acquired from a local private landowner.
A recent report by the Department of Housing said site costs for houses in Limerick last year were €44,000 per unit, which would value the lands acquired by Fitzpatrick & Heavey Homes at more than €17.5 million.
The commencement of construction of the first phase of 105 homes on the site, located close to Raheen, a large employment hub in the mid-west region, was launched by Limerick mayor John Moran on Tuesday.
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Fitzpatrick & Heavey Homes has rapidly expanded its housebuilding activity in the past five years from 34 homes under construction in 2021 to 650 homes in development at present.
The expansion has been facilitated by purchases of land banks in Meath, Galway and Cavan, which have grown its pipeline to 4,168 homes.
The company’s largest land bank is in Cavan, where the firm has capacity to build 1,300 homes, with 145 homes under construction at present and 280 homes at planning stage. It also has sites in Cork, Wicklow, Westmeath and Offaly.
