Largest urban development in the State launched in Cherrywood

by Rebecca Ryan
L-R Paul van Stiphout, Senior Portfolio Manager at APG Asset Management; Minister for Housing Eoghan Murphy, T.D. and Brian Moran, Senior Managing Director with Hines’ Dublin office. Photo: Naoise Culhane

[vc_row][vc_column width=”2/3″][vc_column_text]The largest urban development in Ireland has been launched in Cherrywood Town Centre.

Construction is underway to deliver 1,269 new apartments there over the next three years, including 130 social units.

Approximately 3,000 construction jobs will be created over the lifetime of the Town Centre building project, with the immediate creation of 300 jobs by John Sisk & Son on the first
phase of development.

It coincides with agreement between Hines and APG for an additional investment to specifically target other new ‘build-torent’ development opportunities in Cherrywood and across Dublin city in the coming years.

Multi-national developers Hines and APG Asset Management also announced they plan to invest an additional circa €700m in growing this platform beyond the 1,269 units currently secured at Cherrywood to deliver approximately 3,000 units across the Greater Dublin Area, ultimately taking total capital invested to over €1.1bn.

Dun Laoghaire-Rathdown County Council gave the green light last May for the new 2.1 million sq ft development to be built at Cherrywood.

The €1 billion mixed-use development will also include 585,000 sq ft of retail and office space as well as high-amenity leisure space.

Speaking at the launch, Minister for Housing Eoghan Murphy, said he was delighted to see Cherrywood coming on stream at a time of such critical demand for new housing supply.

He said: “The commencement of construction at Cherrywood SDZ is to be warmly welcomed as a very significant development.

“Cherrywood’s strategic development zone status allows for major projects of scale to be delivered within accelerated timeframes and as of today, it is officially the largest urban development in the State and in time will see approximately 8,000 new homes becoming available in the area.

“The 1,269 new apartments that will emerge from this first phase of development will deliver modern and sustainable housing for the new residents of Cherrywood for many years to come.”

Cherrywood is a government-designated Strategic Development Zone project to build a new town in the borough of Dun Laoghaire Rathdown comprising over 7,700 new homes, six schools, three major parks and leisure facilities, and serving an eventual planned population of 25,000 people.[/vc_column_text][/vc_column][vc_column width=”1/3″][/vc_column][/vc_row]

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