US privately-held developer-investor Hines said on Friday that it has secured planning permission for a new 2.1 million sq ft (195,000 m2) town centre development at Cherrywood, in South County Dublin.
The €1 bn mixed-use development is currently the largest single urban development project in Ireland and will include 1,269 build-to-rent apartments, 585,000 sq ft of retail and office space as well as a 200-room hotel and other leisure facilities.
Construction on the three-year project is expected to commence in Q4 2018. Cherrywood town centre will in time provide housing for over 3,200 people, office accommodation for 2,300 and employment for an additional 2,500 retail and leisure workers.
The residential element of the town centre project is being developed in a joint venture with Dutch pension investor, APG Asset Management (APG).
Stamp of approval
Commenting on the council’s planning approval, Brian Moran, Hines' senior managing director, said, 'We would like to thank Dún Laoghaire-Rathdown County Council for giving their stamp of approval to the Cherrywood town project, which will form the centrepiece of the wider Cherrywood strategic development zone (SDZ).'
He added: 'Today’s announcement also comes as we complete construction of the first phase of our infrastructure development project at Cherrywood, which includes three brand new flagship parks, a state-of-the art all-weather multipurpose pitch, six new tennis courts and a sports pavilion, 5.4 kilometres of roadways, pedestrian footpaths, cycle paths, greenways and over 3,000 trees.'
In addition to the town centre project, Hines has just submitted a new planning application for 146 apartments, its first application outside of the town centre. The apartments will consist of 1 bed, 2 bed and 3 bed units built over 4 blocks.
Hines also recently submitted a separate planning application for the first new school within the Cherrywood development.