Monday, 7 December 2009

Capel seeks planning for Navan Road site

Capel Developments has applied for planning permission for a development of 260 homes on its Ashtown site off the Navan Road in Dublin 15.

The firm wants to build a mix of one, two and three-bedroom apartments and duplex units. The units will be in two apartment blocks ranging between five and 11 storeys in height. The plans include 266 car parking spaces, most of which would be at basement level, and a 3,000 square metre landscaped park with a water feature.

The planned development is part of the firm’s Ashtown development off Rathborne Avenue, and is next to the Ashtown train station. In 2006, Capel paid more than €70 million to Castlethorn Construction for 12.4 acres of land at the site.

The development firm has sold 350 units in the completed Waterways, Crescent and Earlswood residential schemes. If further construction is permitted on the full site, as intended, almost 1,200 units could be built there.

There have been several applications for permission for big developments, despite a lack of activity in the new homes market.

Capel had revenues of €19.5 million for the year ending February 29, 2008, but made a pre-tax loss of €43.5 million for the year. The firm said it relied on the support of its banks to continue trading after recording the ‘‘substantial loss’’.

At the end of February 2008, Capel has bank borrowings of €110 million, the same figure as the year before. The Dublin firm, which is owned by John O’Connor, Eddie Keegan and Liam Kelly, has been reducing the prices on a number of its developments in an effort to boost sales.

Sunday Business Post

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