Lehaunstown Park House in the heart of Cherrywood Strategic Development Zone (SDZ) has been placed on the market seeking €2.75 million.
The 19th century farmhouse and stables on 2.88 ha (7.11 acres) are located in substantial lands within the Cherrywood SDZ planning scheme, currently under development as a new south Dublin urban centre.
The Lehaunstown Park site is one of a number of large residential plots being sold on by investment firm Hines, which acquired 412 acres at Cherrywood for €270 million in 2014.
Mark Reynolds of selling agent Savills says the mixed-use development property is suited to a variety of uses.
A feasibility study, prepared by Mahony Architecture, outlines the development potential of Lehaunstown Park House, including a potential scheme of 3,990 sq m (42,948 sq ft) subject to planning permission that could incorporate retail, leisure, food and beverage designed around the preservation of the existing protected structures.
Alternatively, under the SDZ guidelines “the property may also be considered for use as a private residence or nursing home, subject to planning permission”.
In the original development plan for the area the developers identified Lehaunstown Park House as a focus area to create “a sense of place and community”, with plans outlined to restore it to a working urban farm with artisan food outlets and a café. Its restoration was described as “important in terms of preserving the history and character of the area” – a move widely welcomed at the time by local residents.
The property has a number of features of historic significance including the Lehaunstown Castle Tower House buried within the walls of the property and dating from the 16th century.
The property and the majority of its curtilage has been identified as protected structures (about four acres), while a further portion of the site is identified as Green Infrastructure (about three acres).
In July an affiliate of US private equity group Lone Star completed the purchase of almost 118 acres of development land and parks in Cherrywood for an estimated €120million, amounting to almost 30 per cent of Hines and King Street’s original land investment. It is envisaged these lands will deliver 2,600 homes and apartments.
Hines and Dutch pensions group APG Asset Management entered a joint venture early last year to develop a €1 billion, 2.1 million sq ft town centre, including 1,269 build-to-rent apartments, retail space and leisure facilities at the heart of the Cherrywood hub.
