herald

Sunday 22 October 2017

Cherrywood site of 400 acres is yours ­
- if you have €220m

A 400-ACRE site in south Dublin - which is bigger than the size of London's Hyde Park - has gone on sale for €220m.

THE Cherrywood Business Park and development lands are for sale through Savills. The site is the most prominent underdeveloped land bank to ever come to market in this country.

Mark Reynolds of Savills Ireland said that it is a suburban development unlike any other.

"It is larger than London's Hyde Park and represents an unrivalled opportunity to develop a new destination in a sought-after suburb of south Dublin," he said.

"Its location, combined with excellent surrounding existing transportation links and infrastructure, means that it will be a priority location for development in the next ten to 15 years. Simply put, no opportunity of this scale is ever likely to be presented again in Dublin," Mr Reynolds added.

The site is expected to become a focal point for development in Dublin over the next ten years, following the recent adoption of the Cherrywood Strategic Development Zone.

This provides a "fast track" planning process for development, and stipulates that the land must be utilised for the construction of a town centre, surrounded by substantial residential, office and retail space.

The lands being offered for sale could accommodate up to 3,836 homes.

It is thought that the gross development value in relation to the undeveloped land is in excess of approximately €2.5bn.

According to Savills, the development of Cherrywood is of strategic importance to the Irish economy, in terms of job creation and addressing the rapidly declining supply of office and housing space in Dublin.

Construction of the Cherrywood Business Park started in 2000.

Domhnaill O'Sullivan, the Director of Investment at Savills said that the opportunity that Cherrywood offers is underpinned by the current rental income from the established business park.

fdillon@herald.ie

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