Friday 16 November 2018

13.1 acre Cherrywood SDZ site comes on the market

TC Brochure map
TC Brochure map
Ronald Quinlan

Ronald Quinlan

QRE Real Estate Advisers are inviting expressions of interest for the Town Centre 3 (TC3) site at Cherrywood in South County Dublin.

The sale of the property, on behalf of DLR Properties, is being billed by the agents as a significant opportunity for investors and developers to acquire what they describe as some of "most coveted lands" in the capital.

Located at the heart of the wider Cherrywood scheme now being delivered by US-headquartered real estate giant, Hines, the 5.3 hectare (13.1 acre) site forms one of the four adjoining quadrants on which the overall development's town centre is set to be developed. The subject property is bounded to the east by the Luas Green Line with the Brides Glen Luas Terminus located within its boundary. The lands come with the advantage of SDZ status which provides for fast-track planning with third-party appeals not permitted.

The Cherrywood Planning Scheme and the Urban Form Development Framework for the TC3 site provides for the development of a major new mixed-use urban quarter, with a permitted range of development extending to over 1.3 million sq ft. The Scott Tallon Walker-designed scheme includes 800,000 sq ft of office accommodation, 360,000 sq ft of residential accommodation, with the balance being made up of retail and community uses. The framework also provides for up to a maximum of 1,900 car parking spaces.

DLR Properties is seeking to realise the value of TC3 by trading the site for real estate with the ability to deliver a long-term income stream for the company. DLR's preference, according to QRE, is for a modern Grade A style office building or buildings. The company will consider solutions involving existing buildings and potential new-build options to a range of specifications.

QRE Real Estate Advisers are running an 'expressions of interest' campaign in the first instance to select a purchaser for the development site and are not quoting a guide price. A data-room containing all relevant information will be hosted by the agents at www.tc3.ie. The deadline for receipt of initial proposals is July 16 next, with stage two of the process commencing in September and sale completion in November. The sale is being handled by Conor Whelan, Bryan Garry and Ellen Prenderville.

Conor Whelan of QRE says: "We estimate that a minimum of 358 high-quality units can be accommodated under the SDZ. We would envisage the new owners would commence construction on this element of the site immediately to take advantage of the [residential] market, while monitoring the office market for a significant corporate occupier seeking to pre let a large campus-style HQ."

The arrival of the TC3 site on the market comes just one week after Hines secured planning permission from Dún Laoghaire-Rathdown Council for the development of Cherrywood's 2.1 million sq ft town centre. Work on the €1bn scheme is set to commence before the end of this year, and will see the delivery by 2021 of 1,269 build-to-rent apartments alongside 585,000 sq ft of retail, office and leisure space.

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