Dún Laoghaire-Rathdown property arm seeks developer of site for 1,150 homes
The firm wishes to sell a 5.4-hectare development site in the Cherrywood Strategic Development Zone (SDZ) to the developer, but has asked property consultants QRE Real Estate Advisers to first seek expressions of interest from prospective bidders.This will enable DLR Properties to assess how the bidders would develop the mix of properties, which will also include 52,000 sq m of other town centre-type uses such as retail, office and civic buildings.Known as Town Centre 3 (TC3), it was previously earmarked for a more commercially focused project when developer Johnny Ronan secured planning permission in 2021 for a mixed-use development.Since then, the site has received planning permission for 418 residential units, so a developer could begin work quickly on a segment of the site.Under the terms of the SDZ, a developer could start relatively quickly on up to 500 units on any part of the site that might be more suited to its overall masterplan and fit in with its phased development of the rest of the site.Those are the issues that QRE expects would be addressed by the expressions-of-interest process.Last year DLR sold a 2.45-acre adjacent site at Brides Glen, Cherrywood Avenue, which had planning for 67 residential units and achieved about €4m. That equates to about €1,632,000 per acre, or about €59,700 per unit.That suggests site TC3 might fetch about €20m. However, as TC3 is a bigger site with commercial and civic space required, it may not fetch the €20m figure.Cherrywood is a pivotal location at the interchange of the M50 and N11 motorwaysThe site benefits from a strategic position fronting Cherrywood Avenue and the Wyattville Link Road linking to Killiney and directly adjoins the Brides Glen green line Luas stop.Cherrywood is a pivotal location at the interchange of the M50 and N11 motorways, affording connectivity to key routes serving Dublin city and airport.Plans are under way for a new €190m, 6,000 to 8,000-capacity indoor arena adjacent to the TC3 site, which will become Ireland’s first dedicated winter-sports and entertainment venue.Recent development has delivered around 1,300 apartments in Cherrywood town centre and an additional 1,300 homes in Cherrywood village. It is planned to accommodate 10,500 new homes in total.DLR Properties already owns a number of office buildings at Cherrywood, which are rented out.One of Dublin’s newer towns, Cherrywood also accommodates a number of major employers including Dell, Aviva, Pioneer Group, BMC, APC, Covidien, Aviva, Abbot and Zoetis.Laya healthcare also has a health and wellness clinic on site.The successful party will require a “proven track record, with a demonstrated ability to deliver a high-quality new urban quarter”. An indicative masterplan prepared by ALTU Architects is available.The deadline for submission of expressions of interest is June 29.QRE agents handling the process are Conor Whelan, David O’Malley and Brian Kelly.
