Agreement reached with US firm Hines, for two lots
Irish home-builder Cairn Homes plc have announced an agreement with US property investment firm Hines to purchase two lots of land in Cherrywood, Dublin, for €21.5m, with an option to purchase a third for €9.2m – dependent on planning permission.
If planning permission is approved the plan is to build 300 new homes on “a portion of the Cherrywood site,” a statement from Cairn Homes says.
The site is in the Cherrywood Strategic Development Zone in south Dublin. Hines acquired the site in November 2014 from receivers working for the National Asset Management Agency (NAMA). Hines were reported to have bid approximately €280m for the 400 acre site.
The company have since then presented a ‘masterplan’ for a retail led mixed-use town centre with 3,800 apartments and houses.
The Luas Green Line runs through the Cherrywood site and there are plans to build the town centre around the Luas stop.
The plan for the site is to include “three landscaped parks, a wide range of leisure facilities, a retail led town centre, primary and secondary schools and an unrivalled transport infrastructure,” according to Cairn Homes Chief Executive Michael Stanley.
Planning permission applications for the initial key infrastructure were submitted in late 2015, and “work is well underway to submit planning applications for the town centre in mid 2016”, according to a joint statement released by Cairn and Hines today.