Hines, the company behind Dublin's newest suburban town, has confirmed the first tenants will be moving in before the middle of next year.
Work on the structure of the first block of 450 apartments at Cherrywood was completed this week. While construction is underway on another 600 units.
There are plans for 8,000 homes as part of the project, potentially accommodating around 25,000 people.
Hines has officially capped-off its first major apartment block at Cherrywood has confirmed that the first new tenants will begin moving into the new development by Q2 2021. #Cherrywood #SutainableUrbanLiving pic.twitter.com/q7LROIaM7d
— Cherrywood Dublin (@cherrywooddub) June 10, 2020
International real estate firm, Hines is behind the development.
The company, which has around 4,500 homes in the pipeline in Dublin, says it's pushing ahead with projects despite the coronavirus crisis.
Senior Managing Director for Ireland Brian Moran says they're happy to proceed;
"We're funded by pensions funds so it's long term money, it's not looking for an immediate return, it's looking at the cash flows over a 15, 20 year period so it's different to the old model of apartment funding in Ireland where one relied heavily on bank debt and indeed the buy-to-let investor on the other side."
Office developments
Hines is also involved in developing office space, a market which is predicted to take a hit as more people work from home.
But Brian Moran expects demand for office space to increase rather than suffer a drop off;
"I don't see any let up in demand for offices in the marketplace because more office space will be needed for the same amount of people and yes there will be some more remote working but on balance actually I'm going to predict that office demand will go up slightly."
