Cairn Homes has announced it's agreed to buy a site at Hanover Quay in Dublin’s South Docklands from NAMA and other stakeholders for €18m.

The site, where Cairn says it plans to build more than 100 high-end apartments is located next to Grand Canal Dock where many headquarters of high-tech multinational companies and their employees are based.

It’s also located in a Strategic Development Zone where planning for new developments is fast-tracked and once compliant with the overall planning blueprint, cannot be appealed to An Bord Pleanala.

Cairn, a relatively new company, which floated on the London Stock Exchange last summer, announced last month it would pay €378m to buy the so-called Project Clear land bank of 1,800 acres in the Greater Dublin Area from Ulster Bank, in a joint venture with the US private equity investor, Lone Star.

Commenting on the announcement, Cairn CEO Michael Stanley said: "The acquisition represents another key achievement for the company and provides Cairn with the opportunity to provide much-needed quality homes in the Dublin business centre and ‘Silicon Docks’ area of the city, which has a particularly acute demand for new homes."