Dublin,
08
June
2016
|
11:40
Europe/Dublin

Hines Announces New Lettings at Cherrywood Business Park

New lettings to occupy over 25,000 sq.ft.

Hines Ireland has today confirmed new lettings at Cherrywood Business Park in South Dublin with the world’s largest animal health company to occupy approximately 16,500 sq.ft. of office space. In addition, Financial Services Company Elavon has acquired a further 8,500 sq.ft. of space at the Park. The new occupants will join a number of local and international firms already in situ, such as Dell, Rational FT Services, Friends First, Abbott and IIS Milner Browne.

The new lettings follow on from the recent arrival of Abbott and Milner Browne to the Business Park in December 2015, and have contributed to an overall reduction in the vacancy rate to 12% with remaining office space from 6,000 sq.ft. to 35,000 sq.ft. still available.

Cherrywood Business Park has also been successful in attracting further well known retail brands with the signing of Starbucks, who are currently fitting out their unit adjoining the Ben Dunne Gym. Two other imminent deals will see a retail bank facility and a new medical centre soon opening their doors in the Park. These latest developments together with Hines’ proposed plans for residential development and a town centre retail development have rejuvenated interest in the entire Park. Existing retail tenants currently include Spar, Insomnia, Subway, the Lighthouse Café and Restaurant, Giraffe Childcare and Ben Dunne Gym.

Hines has developed an extensive Masterplan for the Cherrywood site which includes plans for the development of a new retail-led mixed use town centre; three major parks spanning over 57 acres; up to 3,800 apartments and houses and the provision of extensive commercial and leisure space.

Brian Moran, Senior Managing Director of Hines Ireland commented “we have always been hugely confident about Cherrywood Business Park and since acquiring it in 2014, we have invested in a capital expenditure programme to realise its potential. This approach is centred on the needs of the occupants and we are delighted to see two major international companies now coming on board to share our vision for the future for the Park. This is an exciting time for Cherrywood and we look forward to further success in the near future”.

Mark Smyth of CBRE and Deirdre Costello of JLL joint letting agents expect that there will be further significant lettings within the Park and indeed they expect that further office development will be needed to cater for the expected additional demand.

Businesses based in Cherrywood benefit from superb public transport links with Luas services to and from St Stephen’s Green and regular shuttle buses linking to Shankill Dart Station. In addition, Dublin Bus has confirmed three new additional routes that will service the Park.

Mark Smyth, Senior Director, Offices & Business Development
Cherrywood’s unique accessibility by Luas and to the M50 & N11, combined with excellent car parking, landscaping, onsite services and high quality buildings, make it one of the best offerings for potential occupiers in the city. The potential for the Business Park is further enhanced with the imminent commencement of works on the wider Cherrywood project
Mark Smyth, Senior Director, Offices & Business Development