Property developer Quintain Ireland has received planning permission from for 488 new apartments and duplexes, with a gross development value of more than €250 million, at its Cherrywood Village development in south Dublin.
The developer, which is owned by US private equity group Lone Star, intends to commence construction on the project in June, with the first homes ready for occupation by the middle of 2024.
Quintain Ireland plans to deliver 1,300 new homes at Cherrywood Village by 2025. This latest recently approved scheme will comprise a mixture of 427 apartments, and 61 duplexes and triplexes. Permission was granted by Dún Laoghaire-Rathdown County Council.
Along with the new homes, there is provision for more than 4,300 m² of communal amenity space for residents across a series landscaped courtyards and roofs. There is also provision for over 7,000 m² of public open space, including a neighbourhood plaza, two pocket parks, and extra cycle and pedestrian paths, according to Quintain Ireland.
Lone Star purchased almost 118 acres of development land and parks in Cherrywood in south Dublin from investment firms Hines and King Street Capital in 2019, in a deal worth more than €120 million.
The land equated to almost 30 per cent of the 412-acre site that US investment groups Hines and King Street bought in 2014 for €270 million, after Nama and a group of banks appointed receivers to the valuable plot in south Dublin. It is located at the interchange of the M50 motorway and N11 and belonged to builder Liam Carroll before his businesses collapsed in the property crash.
Lone Star set up Quintain Ireland in 2019 to develop its landbank in the State.
Quintain Ireland, led by joint managing partners Eddie Byrne and Michael Hynes, is also progressing construction on a €500 million urban centre in Adamstown, west Dublin, which will include 279 apartments, as part of their plans to deliver over 9,000 homes around the greater Dublin area.