Hines Ireland and Cairn Homes agree €31m deal to deliver 300 homes at Cherrywood
23 February 2016
Cairn Homes and Hines Ireland have agreed a plan to build 300 homes as part of the masterplan for the Cherrywood Strategic Development Zone in south Dublin.
Cairn has purchased two lots for €21.5 million, with an option to purchase a third lot for €9.2 million on receipt of planning permission. Subject to planning approval, this deal will see the provision of more than 300 new homes on a portion of the Cherrywood site that is being designed in accordance with the vision set out in the site’s masterplan.
On acquiring Cherrywood in November 2014, Hines tasked a large team of planners, surveyors and architects to bring forward an integrated masterplan proposal for the development to include the construction of a new retail-led, mixed use town centre and up to 3,800 apartments and houses. The planning applications for the key initial infrastructure were lodged in late 2015 and work is well under way to submit planning applications for the town centre in mid 2016 to deliver the first homes on the site.
Three landscaped parks, primary and secondary schools and a wide range of leisure facilities
The chief executive of Cairn Homes, Michael Stanley, said: “The visionary masterplan developed by Hines, in conjunction with Dun Laoghaire-Rathdown County Council, will offer our future customers many benefits, including three landscaped parks, a wide range of leisure facilities, a retail-led town centre, primary and secondary schools and an unrivalled transport infrastructure, making Cherrywood a truly exceptional place to live.”
Brian Moran, senior managing director of Hines Ireland, said: “We are very pleased to conclude this deal with Cairn Homes as an important step in expediting the delivery of high quality homes in Cherrywood. Cairn very much shares our vision of a dynamic, sustainable community that is based on progressive building techniques, quality design and innovation.
“Cherrywood has unrivalled potential and today’s announcement again demonstrates the momentum now behind this project that will ultimately be home to approximately 25,000 residents.”
It is hoped the major road network investment proposed in the recent planning applications, which will mark the first phase of development, will commence in the coming months.
This upfront investment, combined with the planning applications for the town centre, will further progress the site masterplan and leverage Cherrywood’s unique attributes including four Luas stops and links to the country’s motorway network at the junction of the N11 and the M50.http://www.engineersjournal.ie/2016/02/23/hines-ireland-and-cairn-homes-agree-e31m-deal-to-deliver-300-homes-at-cherrywood/http://www.engineersjournal.ie/wp-content/uploads/2016/02/aaacherry1-1024x609.jpghttp://www.engineersjournal.ie/wp-content/uploads/2016/02/aaacherry1-300x300.jpgNewsDublin,housing,infrastructure