US developers given green light for €1bn Cherrywood revamp
A US property giant has been given the green light to proceed with plans for a 2.1 million sq ft town centre development in south Co Dublin.
The Cherrywood project will be built by Hines after receiving approval from Dun Laoghaire-Rathdown Council.
Work on the €1bn mixed-use scheme is set to begin by the end of the year, and will see the delivery over the next three years of 1,269 built-to-rent apartments alongside 585,000sq 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 project is being developed in a joint venture agreement involving Hines and Dutch pension investor APG Asset Management.
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 build-to-rent market.
Outside of its plans for Cherrywood, 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.
The company has also applied for permission to build a 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 and 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.
Commenting on the council's planning approval, Brian Moran, senior MD of Hines, said: "We can now bring to reality the great vision for this town centre, which will be a modern, vibrant and healthy urban environment for families, workers and visitors alike."