Sunday 25 September 2016

Two new tenants for Cherrywood

Published 03/12/2015 | 02:30

The Cherrywood land bank, which Hines bought for €270m last year
The Cherrywood land bank, which Hines bought for €270m last year

US pharmaceutical firm Abbott and facility services company Milner Brown, have agreed terms to occupy over 40,000 sq ft of office space at Cherrywood Business Park in South Dublin.

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In a statement, park owners Hines Ireland said the two firms will "join a number of local and international firms already in situ, such as Dell, Rational FT Services, Friends First, Elavon Financial Services and Covidien Services Europe Limited".

The lettings to Abbot and Milner Browne represent the first new arrivals at the Business Park since Hines bought it, along with an adjoining 400 acre land bank a year ago. The vacancy rate in the park has now reduced to 19pc with vacant space remaining ranging from 2,174 sq ft to 47,544 sq ft, Hines said.

Hines has developed what it calls "an extensive Masterplan for the Cherrywood site which includes plans for the development of a new retail-led mixed use town centre; three major parks spanning over 57 acres; up to 3,800 apartments and houses and the provision of extensive commercial and leisure space".

The first planning application for the project was submitted this week.

Hines Ireland boss Brian Moran commented "We have always been hugely confident about Cherrywood Business Park and since acquiring it in 2014, we have invested in a capital expenditure programme to realise its potential. This approach is centred on the needs of the occupants and we are delighted to see two major international companies coming on board to share our vision for the future for the Park. This is an exciting time for Cherrywood and we look forward to further success in the near future".

Mark Smyth of CBRE and Roland O'Connell of Savills are joint letting agents and expect that these will be the first of a number of significant lettings within the Park and indeed they expect that further office development will be needed to cater for the demand within the Park.

The first phase at Cherrywood Business Park is already underway with Hines having completed 50pc of their capital expenditure programme to improve the public realm within the existing Park.

The 400 acre Cherrywood site is one of the most prominent undeveloped land banks in Ireland.

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