Listed housebuilder Cairn Homes and Nama are planning to build 550 residential units on a 14.5-acre site off the Malahide Road in Dublin 13 as part of a new joint venture.

Under the agreement, the site has been bought by a new company that is 75% owned by Cairn and 25% owned by Nama.

The site adjoins Cairn’s Parkside development, where the company built and sold 71 homes following its first joint venture with Nama.

“This will enable the investment vehicle to leverage existing infrastructure in Parkside where Cairn has an established brand and a site team which has delivered over 450 new homes in an area of consistently strong demand over the last three years,” Cairn CEO Michael Stanley said.

Cairn is currently building on 13 sites in the greater Dublin area that between them will deliver over 4,750 homes. The company owns a further 20 sites with capacity for almost 10,000 further units.