Hines Ireland and Cairn Homes announce Housing Deal for Cherrywood
Cairn Homes Plc and Hines Ireland today announced an important step in the plan to expedite the delivery of high quality homes under the masterplan for the Cherrywood Strategic Development Zone in South Dublin.
The deal highlights Hines’ intention to work with experienced house builders who share their focus on quality and have the capability to work on projects of scale. Cairn and Hines are pleased to announce Cairn’s acquisition of these Cherrywood sites, as Cairn’s design-led approach will strongly complement the overall Hines development strategy for the site. 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 over 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 this landmark 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 underway to submit planning applications for the town centre in mid 2016 to deliver the first homes on the site.
The Chief Executive of Cairn Homes, Michael Stanley, said “We are delighted to announce the acquisition of this extremely well located site at Cherrywood, in the South of the city. We look forward to bringing our house building skills to one of Dublin’s most important new developments. 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”.
Commenting on the announcement, 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.