A site with potential for up to 600 apartments, as well as retail and leisure opportunities, is coming to the market in the heart of Cherrywood, south Dublin, with a guide price of €40 million.The mixed-use development opportunity is being brought to the market on behalf of its owners, Hines and King Street Capital, by joint selling agents CBRE and Savills. Extending to about 8.65 acres, the site is located within the Cherrywood Strategic Development Zone (SDZ), one of Ireland’s largest and most significant government designated growth areas.Hines and King Street Capital acquired the subject site for their part in 2014 as part of their wider €270 million purchase of the overall 412-acre Cherrywood site and its business park from Nama, Lloyds and Danske Bank. Some €145 million of that initial outlay was recouped in 2018 following Hines’ sale of eight office blocks at Cherrywood Business Park to San Francisco-headquartered Spear Street Capital.Cherrywood today comprises a 388-acre master planned urban district, with extensive physical and social infrastructure already delivered and a projected population of more than 35,000 residents upon full completion.The lands now for sale are positioned at the core of Cherrywood Town Centre and are designated town centre (TC) within the SDZ planning scheme. A detailed architect-led feasibility study, prepared by architects Henry J Lyons and Allford Hall Monaghan Morris, demonstrates the potential to deliver a major, high-density, mixed-use scheme anchored by about 600 apartments, alongside about 30,000sq m of retail, leisure and complementary uses, subject to planning.The feasibility study sets forward plans for a landmark residential led scheme, which would integrate homes, retail, public realm and community use with residential accommodation, positioned above an active town centre environment. Significant enabling and infrastructure works have already been completed, including bulk excavation to basement level and preparation for a basement car park, materially reducing development lead-in risk.The site sits within a live SDZ planning framework, which is designed to provide clarity, consistency and certainty around development outcomes. Peter Garrigan of CBRE says: “Cherrywood town centre is already functioning as the commercial and social hub of a fully serviced new urban district, and the underlying feasibility clearly demonstrates the capacity for a high density, residential-led scheme that aligns with national housing and compact growth objectives.”John Swarbrigg of Savills added that the sale “offers a buyer the ability to capitalise on this sustained residential demand, as well as presenting an opportunity to deliver the long-awaited town centre, comprising a mix of retail and leisure accommodation, which is expected to be anchored by one of the country’s leading grocery retailers.”News of Hines’ and King Street Capital’s sale of the 8.65-acre site comes just four weeks on from the commencement by DLR Properties (DLRP) of a process seeking expressions of interest from developers for the delivery of hundreds of new homes on the nearby 5.4-hectare (13.3 acre) Town Centre 3 site. The process is being handled by QRE Real Estate Advisers on behalf of DLRP, which is a subsidiary of Dún Laoghaire-Rathdown County Council. While an agreement on the site was struck previously with developer Johnny Ronan’s Ronan Group Real Estate in 2019, the deal between the parties to develop it did not proceed and was terminated in 2023.The Town Centre 3 site is being offered to the market with full planning permission in place for 418 apartments distributed across four blocks ranging in height from two to five storeys. The approval, which RGRE secured in 2023, provides for the construction of 124 studios, 96 one-bedroom apartments, 81 two-bedroom (three-person) units, and 117 four-person units.A proposed amendment to the planning scheme (Amendment 11) will allow for up to 1,150 residential units to be developed on the site, along with 52,000sq m (559,723sq ft) of other town-centre-type uses (retail, office and civic).