Cherrywood development site for sale for up to €300m

[ncallanan]

My (slightly rewritten) scoop with Joe Brennan on Cherrywood today. It’s not officially on the market yet. An Bord Pleanala today published on its website that it had approved the Cherrywood SDZ with some modifications.

Some 400 acres of prime development land at Cherrywood in south Dublin, formerly owned by developer Liam Carroll, is to be put on the market.
The site is the biggest parcel of development land ever to come on the market.
It is to be offered for sale at up to €300 million after fast-track planning was approved.
The site is part of a bigger tranche of land that was designated as a fast-track zone this week, An Bord Pleanála said today.
More than 7,700 homes are planned for the wider Cherrywood site together with a new town center and office complexes, according to a filing by the Dun Laoghaire and Rathdown borough.
Lloyds Banking Group , the National Asset Management Agency and Danske Bank are the lenders to the project, sources said.
Mr Carroll, one of the country’s biggest developers during the property bubble, has seen a number of properties seized by banks.
He bought the Dublin land in 2002 and 2003.

There is more:
irishtimes.com/business/sect … -1.1778841

[Eschatologist]

To say wear on the calculators, that’s 19.25 homes per acre.

[ncallanan]

Lots of open space though. This was the SDZ plan as initially proposed:
Primary Land Use Net Area
Town Centre 16 Ha
Village Centre 3 Ha
High Intensity Employment 16 Ha
Commercial Uses 8 Ha
Residential 75 Ha
Education 7 Ha
Green Infrastructure
61.7 Ha
(Class 1 Open Space 29.7 ha, Natural Greenspace 32 ha.)

dlrcoco.ie/media/media,8978,en.pdf

ABP’s changes to any of that obviously will be studied for the moment

[mr_anderson]

If memory serves me correctly, this was the jewel in the crown of Dunloe Ewart.
Carroll beat off Noel Smyth for control of it.

Be careful what you wish for folks … !

[ncallanan]

@mr_anderson

If memory serves me correctly, this was the jewel in the crown of Dunloe Ewart.
Carroll beat off Noel Smyth for control of it.

Be careful what you wish for folks … !

yep, 50% owned by Dunloe, 50% owned by British Land who exited the Irish market with sale of Ilac before the bust.

[mr_anderson]

@ncallanan

Lots of open space though. This was the SDZ plan as initially proposed:
Primary Land Use Net Area
Town Centre 16 Ha
Village Centre 3 Ha
High Intensity Employment 16 Ha
Commercial Uses 8 Ha
Residential 75 Ha
Education 7 Ha
Green Infrastructure
61.7 Ha
(Class 1 Open Space 29.7 ha, Natural Greenspace 32 ha.)

dlrcoco.ie/media/media,8978,en.pdf

ABP’s changes to any of that obviously will be studied for the moment

Would ‘The Park’ in Carrickmines not make it more difficult for a Cherrywood Town Centre to succeed ?
They’re practically beside each other and ‘The Park’ has the advantage of being already well-established.

[Punter]

@Mantissa

Why sell? Build 8000 homes for social housing instead…

And give people homes close to transport links, services , shops and facilities. You will be shot for such heretic thinking…

[Tyler]

@Mantissa

Why sell? Build 8000 homes for social housing instead…

Yeah that wouldn’t become a ghetto

[Augmentin]

Why sell? Build 8000 homes for social housing instead…

Brilliant, why has this never been tried before? I can see no downside.

[HiFi]

@Augmentin

Why sell? Build 8000 homes for social housing instead…

Brilliant, why has this never been tried before? I can see no downside.

True. And given the elevated site, we’d all be able to view the smoke rising from most parts of Dublin. On the other hand - it could become the new Adamstown and be a rip-roaring success. Oh, wait…

[BoyRacer]

Hines group close €270m purchase of 400-acre Cherrywood site - Colm Keena → irishtimes.com/business/comm … -1.2020413

A multi-billion euro global property group that has completed the purchase of a 400-acre site in Cherrywood, South Dublin, has said building residential accommodation on the site will be its immediate priority.
The US-based Hines group has bought the Cherrywood Business Park and development scheme from receivers working for the National Asset Management Agency and a number of banks.
Hines were previously reported as being in a consortium that was the top bidder with an offer in the region of €270 million.
The 400-acre site has approval for the construction of a new, retail-led mixed use town centre with up to 3,800 apartments and houses.

there is more

[HiFi]

Reading between the lines on this statement, I take it that developers are less than happy with government’s insistence on a social housing element within private developments. (Anyone would be mad to consider moving somewhere like Cherrywood until the social housing situation is clarified. In the current climate, the temptation to lump in a huge tranche of council housing on a site like this must be strong.)

rte.ie/news/business/2014/12 … y-results/
Abbey worried about level of state intervention in housing market
But it said this week’s announcement by the UK government that it intends to speculatively develop land for housing, will impact the the role of private capital in housebuilding. It also points to similar plans by government agencies here. The company said the plans raise “fundamental questions about the future environment for private development in both jurisdictions”.