Quintain Ireland has received planning permission from Dún Laoghaire Rathdown County Council for a further 168 new homes at its Cherrywood Village development in south Dublin.
The developer, which is owned by US private equity giant Lone Star, says it will begin work on these new homes and a previously-approved tranche of 136 units as soon as the Government lifts the current public health restrictions on construction.
The 304 homes for which Quintain has now secured approval will be situated in a new neighbourhood called Cherry Lane, and consist of a mix of 167 houses, 101 duplexes, and 36 apartments.
The scheme will be located close to two new public parks – Tully Park and Ticknick Park – and within a five-minute walk of the green line Luas stop at Laughanstown.
By 2025, Quintain says it will have delivered 1,300 of the 3,000 new homes it has planned for the wider 118-acre Cherrywood land holding that its owner Lone Star acquired from Hines and King Street Capital in a € 120 million deal in 2019.
While the ongoing Covid-19 lockdown has presented an obvious challenge to Quintain's efforts to market the new homes at Cherrywood Village, the developer claims it has received over 5,000 registrations of interest to date from prospective homeowners, with many of these choosing to avail of virtual tours organised by the scheme's selling agent, Sherry FitzGerald.
Quite apart from meeting its obligation under Part V of the Planning Act 2000 to deliver 10 per cent or 130 of the 1,300 units at Cherrywood Village for social housing, Quintain told The Irish Times previously that it intends to deliver up to 60 per cent of the new homes at the south Dublin scheme at prices below the €500,000 threshold first-time buyers require to qualify for the Government’s Help-to-Buy scheme.
The developer expects to sell the remaining 30 per cent or about 390 units to an institutional investor involved in the private rented sector market.
Green space
Located on a 65-acre site within the wider Cherrywood Strategic Development Zone (SDZ), Cherrywood Village will, upon completion, also include 27 acres of green space and over 4,300sq m (46,285sq ft) of retail and civic amenities. Cherrywood Educate Together national school, adjacent to Tully Park, opened at the beginning of this school year, while a new secondary school is due to open this September.
Commenting on his company’s immediate plans for the south Dublin scheme, joint managing partner at Quintain Ireland, Eddie Byrne, said: “We are busy preparing so that we are ready to break ground on the site as soon as public health restrictions are eased, hopefully next month. We have extensive precautions in place to ensure social distancing and employee safety is maintained at all times.
“The construction of new housing supply is vital, and the 1,300 homes we are planning at Cherrywood Village will cater to a range of different housing needs, with a particular focus on young families.”
