Green light for €1bn Cherrywood project
US REAL estate giant Hines has been given the green light by Dún Laoghaire-Rathdown Council to press ahead with its plans for the development of a 2.1 million square foot town centre at Cherrywood in south county Dublin.
Work on the €1bn mixed-use scheme is set to get underway by the end of this year, and will see the delivery over the next three years of 1,269 build-to-rent apartments alongside 585,000 sq ft of retail, office and leisure space.
Cherrywood town centre is expected to provide housing for more than 3,200 people, office accommodation for 2,300, and employment for an additional 2,500 retail and leisure workers.
The residential element of the town centre project is being developed in a joint venture agreement involving Hines and Dutch pension investor, APG Asset Management (APG). While Hines had already partnered with APG on numerous real estate projects across Europe, the arrival of the Dutch company in Dublin is being viewed within the wider property industry as a significant vote of confidence in Ireland's burgeoning build-to-rent market.
Outside of its plans for Cherrywood's town centre, Hines has just submitted a planning application for the development of 146 new homes, consisting of one-, two- and three-bedroom apartments laid out across four blocks.
In terms of educational facilities, the company has also applied for permission to build the first new primary school at Tully Park. The proposed school is to accommodate up to 700 pupils, and will include a dedicated special needs unit, school hall, 192 bicycle spaces, as well as outdoor playing courts and a sensory garden.
The entire Cherrywood development will include more than 7,700 new homes, six schools, three parks and leisure facilities upon completion.