US real estate giant Hines says the construction of homes will be its priority for Cherrywood, after completing the purchase of a 400-acre site in the South Dublin suburb.
The company paid NAMA, Lloyds and Danske Bank around €280m for the plot, which includes Cherrywood business park and surrounding land.
The sale price is significantly higher than initial bids, which stood around €220m.
It is one of the biggest development land sales to take place in the last decade.
The site has approval for the construction of up to 3,800 apartments and homes as well as a town centre. Hines also plans to expand the business park, which is already Dublin’s second largest, to three times its current size. The park is home to companies such as Dell, Friends First and Covidien.
“We are acutely aware of the urgent need for large-scale housing development in Dublin,” said Brian Moran, senior managing director with Hines Ireland.
“We aim to deliver houses and apartments into the market as quickly as possible”.
The site benefits from numerous transport links including three nearby Luas stations and proximity to the M50.
The purchase bulks up Hines’ already-sizable portfolio of Irish property, which is now worth about €1bn. It also owns an apartment block at Dublin’s Spencer Dock and a majority stake in Liffey Valley shopping centre with HSBC.