First phase of 8,000-home Co Dublin new town unveiled
US property giant Hines has submitted plans for the first phase of more than 8,000 homes at Ireland's newest town centre in Cherrywood in Dublin. The construction of 1,269 apartments is included in the proposal along with the provision of shops, restaurants, cafes and community facilities.
Those looking for an opportunity to buy their own home will, however, be disappointed to learn the first tranche of Cherrywood's residential units will be offered as build-to-rent (BTR) only, meaning they will not be offered for sale individually.
Asked if the apartments would be offered for sale to institutional investors either before or after their construction, a spokesman for Hines declined to comment.
The planning application lodged this week refers to the development of some 2.1m square feet of space at Cherrywood.
Pending planning approval, construction of the new town centre is expected to take three years to complete, with 3,000 construction workers employed over the course of the various build stages. Hines says it hopes to commence construction in the second quarter of 2018.
Cherrywood town centre will eventually be home to over 3,200 people, with the potential to accommodate 2,300 office staff and provide employment for more than 2,500 retail workers.
The wider €2bn (£1.75bn) Cherrywood development is expected to house in the region of 30,000 people across its 412 acres by the time it is fully delivered. The current 3,000-strong workforce at the existing Cherrywood Business Park is expected to potentially treble within the next 10 to 15 years as Ireland's newest suburb takes shape.
Construction on the south Dublin site has already been well advanced by Hines, the other Cherrywood landowners and Dun Laoghaire-Rathdown County Council. The key preparatory phase of the Cherrywood development has been under way since the beginning of this year.