US real-estate group Hines is seeking a total of €5 million for two development sites at Cherrywood in south Dublin.
Located in close proximity to the recently approved town centre element of the wider Cherrywood scheme, the subject holdings – sites M3A and M5 – extend to a total area of 1.25 hectares (3.09 acres) and are zoned for a variety of uses including residential. While neither site has planning permission in place at present, both are situated within the Cherrywood SDZ (strategic development zone), and as such will benefit from a fast-track planning process. Sites M3A and M5 are being offered for sale by agent Savills at guide prices of €2.25 million and €2.75 million respectively.
Site M3A is zoned RES3, which permits various uses, including residential development with the option for a nursing home. The planning scheme parameters for RES3 outline a building height of two to five storeys and a density of 65-145 residential units per hectare. A feasibility study prepared by MCORM Architecture suggests this holding has potential for the development of 40 duplexes.
Site M5 is zoned RES2, which also allows for residential development and the possibility of a nursing home. The planning scheme parameters for RES2 specify a building height of two to three storeys and a density of 45-75 residential units per hectare. A feasibility study completed by Henry J Lyons Architects suggests the site has the potential to accommodate 40 duplexes.
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The development of the wider Cherrywood scheme is already well advanced with residential schemes launched by a number of Ireland’s biggest developers, namely Hines, Cairn Homes, Quintain Ireland and William Neville & Sons. Quite apart from its projected population of 30,000 residents in 10,500 new homes, Cherrywood will comprise a full range of amenities upon completion. These will include a mixed-use town centre, six new schools, three large public parks, and a range of leisure and community facilities. The three new parks, known as Beckett Park, Tully Park and Ticknick Park are to be operated by Dún Laoghaire Rathdown County Council.
The Cherrywood SDZ occupies a prime location in south Dublin with excellent access to both the N11 and the M50 motorway. In terms of public transport, the development is served directly by the Luas green line.
John Swarbrigg of Savills says: “We anticipate significant interest in these sites due to their prime location, zoning, and the opportunity to deliver two outstanding residential developments in the heart of Cherrywood.”
