Cairn Homes agrees €21.5m housing deal for Cherrywood
Published 12/02/2016 | 08:21
Cairn Homes, the Irish house-builder has agreed a deal with real estate firm, Hines Ireland, to purchase two sites in Cherrywood, Dublin for €21.5m.
As part of the deal Cairn also has the option to buy a third site for €9.2m on receipt of planning permission.
The deal will see the provision of over 300 homes on the Cherrywood site that will be in line with the site's masterplan.
Michael Stanley, the chief executive of Cairn Homes, said that the firm was excited to acquire the well placed sites.
“We are delighted to announce the acquisition of this extremely well located site at Cherrywood, in the South of the city. We look forward to bringing our house building skills to one of Dublin’s most important new developments.
"The visionary masterplan developed by Hines, in conjunction with Dun Laoghaire-Rathdown County Council, will offer our future customers many benefits, including three landscaped parks, a wide range of leisure facilities, a retail led town centre, primary and secondary schools and an unrivalled transport infrastructure, making Cherrywood a truly exceptional place to live," Mr Stanley said.
Hines Ireland acquired Cherrywood in November 2014 and brought forward an integrated masterplan, which includes the construction of a new retail-led town centre as well as 3,800 apartments and houses.
Senior managing director at Hines Ireland, Brian Moran, highlighted the potential of the Cherrywood development.
"Cairn very much shares our vision of a dynamic, sustainable community that is based on progressive building techniques, quality design and innovation.
"Cherrywood has unrivalled potential and today’s announcement again demonstrates the momentum now behind this project that will ultimately be home to approximately 25,000 residents," Mr Moran said.
It is hoped the major road network investment proposed in the recent planning applications, which will mark the first phase of development, will commence in the coming months.