Property development firm seeks land in Mayo to build over 100 houses - news - Western People

Fitzpatrick & Heavey Homes, one of Ireland's leading property development firms, has reaffirmed its commitment to landowners by pledging to fully cover the Residential Zoned Land Tax (RZLT) on any residentially zoned land it purchases. With the tax now in effect as of February 1, 2025, the company is actively seeking sites for development, particularly in Mayo, as part of its expansion strategy.

Ciaran Fitzpatrick, CEO of Fitzpatrick & Heavey Homes, highlighted the company's ongoing efforts to accelerate housing delivery. The firm currently has 350 homes under construction across Offaly, Westmeath, Wicklow, and Cork. Resourced with a robust balance sheet and diverse range of funding partners Fitzpatrick & Heavey Homes are looking to scale up and deliver over 100 homes in Mayo.

"Ireland's housing crisis demands innovative and immediate solutions," said Fitzpatrick. "The Residential Zoned Land Tax is intended to encourage development, but it also places a financial strain on landowners who may not have the means to build. By absorbing this tax on any land we purchase, we are providing an immediate solution - offering landowners a viable exit while ensuring much-needed housing is developed without delay."

The RZLT, introduced under the Finance Acts, imposes an annual tax of 3% on the market value of undeveloped, residentially zoned land. This could mean substantial costs for landowners, particularly those who are unable to proceed with development.

Significant financial impact of RZLT:

• Who is affected: Landowners, including individuals, businesses, and entities with residentially zoned but undeveloped land.

• Implementation date: February 1, 2025.

• Tax rate: 3% annually on the land's market value, potentially amounting to tens of thousands of euros each year.

• Exemptions: Only active construction sites and certain agricultural lands qualify for relief.

As part of its expansion strategy, Fitzpatrick & Heavey Homes is actively looking to acquire residentially zoned land in Mayo. The company welcomes discussions with landowners who wish to sell or explore partnership opportunities that will lead to the rapid development of much-needed housing.

"This is a win-win solution," Fitzpatrick added. "Landowners can avoid the financial strain of the tax, while we ensure that land is put to productive use -- building homes for families and communities across Ireland. We encourage landowners to reach out to us as soon as possible to explore opportunities."

For further information on Fitzpatrick & Heavey Homes see Home | Fitzpatrick & Heavey Homes. To discuss potential land sales, please contact Ciaran Fitzpatrick - [email protected]