A new economic and residential hub for Dublin is edging closer to fruition, following the announcement that Cherrywood Business Park and Development Lands is for sale through Irish property managers Savills, with a guide price in excess of €220m.

The 400-acre site to the south of Dublin City is expected to become a focal point for development in Dublin over the next 10 years, Savills has said.

This announcement follows the recent adoption of the Cherrywood Strategic Development Zone (SDZ), which provides a 'fast track' planning process for development and stipulates that land must be used for the construction of a town centre, surrounded by substantial residential, office and retail space.

Savills has estimated the Gross Development Value (GDV) in relation to the undeveloped land is in excess of approximately €2.5bn.

The site has a dedicated junction onto the M50 & N11 and public transport options provide direct access to Dublin city centre in approximately 40 minutes.

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Mark Reynolds, Director Development & Consultancy at Savills Ireland, said: "Cherrywood is a suburban development unlike any other in Ireland. It is larger than London's Hyde Park and represents an unrivalled opportunity to develop a new destination in a much sought after suburb of South Dublin. Its location, combined with excellent surrounding existing transportation links and infrastructure, means that it will be a priority location for development for the next 10 to 15 years. Simply put, no opportunity of this scale is ever likely to be presented again in Dublin."

The Cherrywood SDZ also allows for up to 484,474 sq.m of non-residential development. This includes about 37,800 sq.m of retail space within the town centre zoning lands that are being offered for sale, and approximately 220,000 sq.m. of office space mainly located within the surrounding area of the Cherrywood Business Park.

Domhnaill O'Sullivan, Director of Investments at Savills said: "The opportunity that Cherrywood offers is underpinned by the current rental income from the established Business Park with a weighted unexpired term of 6.4 years. 89% of the €7.5 million annual rent roll within the Park is attributable to 5 key tenants employing over 2,000 people, and that this could potentially increase to €10.5m per annum upon the leasing of vacant space."

The sale of Cherrywood Business Park and Development Lands, codenamed 'Project Cherry', is being handled by property consultants Savills on behalf of the Receivers Stephen Tennant and Paul McCann of Grant Thornton.

(IT/JP)