‍Housebuilders Cairn Homes and global property investment firm Hines Ireland have announced a housing deal for Cherrywood in South Dublin.

The €30.7m agreement aims to build more than 300 new homes under the masterplan for the Cherrywood Strategic Development Zone in South Dublin.

Cairn has purchased two lots in Cherrywood for €21.5m, with an option to purchase a third lot for €9.2m on receipt of planning permission. 

Hines first bought the Cherrywood site in November 2014.

The companies said that planning applications for the key initial infrastructure for the project were lodged in late 2015.

Work is well underway to submit planning applications for the project's town centre in the middle of 2016 to deliver the first homes on site, they added.