Taggart Homes has unveiled plans to build 1,000 houses in the next three years in an investment of £50 million.
The firm, which has emerged from the ruins of the Taggart Group which went bust with huge debts as a result of the 2008 property crash, has just released the first phase of a development in Culmore, Londonderry which, together with a similar scheme in the city, represents a £50m investment on both sides of side of the River Foyle.
The two schemes will deliver 530 new homes in the North West over the next three years.
The new division of Taggarts was reformed under the new management of Nick Taggart, son of Michael Taggart, with its previous management team still in place, helping to steer the company towards being Ireland’s largest house builder.
Run by Michael and his brother John, the Taggart Group was one of the largest developers in Northern Ireland building across the British Isles in the early to mid-2000s.
However, its collapse in the wake of the property crash and the Irish banking crisis led to a prolonged battle with the Ulster Bank and was said earlier this year to have left thge business with debts of £213m .
Taggart Homes is also building another 250 houses at another site in Londonderry .
Together the projects will create 350 jobs and the business has also confirmed deals worth £1m with TBF Thompson of Garvagh and David Forgie, of Limavady for plant machinery.
Director Nick Taggart said: “With so many reports about a dearth of new homes throughout the UK and Ireland, the release of this premium development in the Culmore area couldn’t come at a better time.”