American real estate giant Hines has said building homes will be its priority for Cherrywood, after the firm completed the purchase of the 400-acre South Dublin site.
Hines Ireland has approval for the construction of up to 3,800 apartments and houses as well as a town centre and says it aims to deliver homes and apartments to the market "as quickly as possible". Hines also plans to expand the business park.
The company paid approximately €280m to NAMA, Lloyds and Danske Bank for the site, which includes Cherrywood business park and surrounding land in what is one of the biggest development land sales to take place in the last ten years.
Hines' Irish property portfolio is now worth approximately €1 billion. It owns an apartment block at Spencer Dock in Dublin and has a majority stake in the Liffey Valley shopping centre.
