A major mixed-use development site in South Dublin's Cherrywood district has been brought to market for €40M, offering investors the opportunity to deliver what could become the long-awaited centrepiece of one of Ireland's largest strategic growth zones.

Joint agents CBRE and Savills have been appointed to sell the 8.65-acre site at the heart of Cherrywood Town Centre on behalf of landowners King Street Capital Management and Hines. The site is being offered for sale by private treaty on a freehold basis.

Located within the 388-acre Cherrywood Strategic Development Zone, the land is earmarked for a high-density mixed-use development that could include more than 600 apartments alongside roughly 323K SF of retail, leisure and community space, subject to planning approval.

The site occupies a central position within the master-planned district, which is expected to accommodate more than 35,000 residents once fully built out.

King Street and Hines have been instrumental in the area's development to date, helping deliver key infrastructure including transport links, public realm improvements, parks and community facilities that have underpinned Cherrywood's transformation from a greenfield site into one of Dublin's fastest-growing residential locations.

A feasibility study prepared by architects Henry J Lyons and Allford Hall Monaghan Morris has outlined the potential for a large-scale, residential-led scheme featuring apartments above an active town centre environment, with retail, leisure and public amenities integrated at ground level.

Substantial enabling works have already been completed, including bulk excavation to basement level and preparation works for an underground car park, while Cherrywood has already seen growth, with more than 5,000 homes either completed or under construction.

"Cherrywood has evolved significantly over the last number of years, having gone from an exciting suburban development concept, to a highly sought after and established residential destination," Savills Director of Development, Agency and Consultancy John Swarbrigg said in a statement.

"The subject property offers a buyer the ability to capitalise on this sustained residential demand, as well as presenting an opportunity to deliver the long-awaited town centre, comprising a mix of retail and leisure accommodation, which is expected to be anchored by one of the country's leading grocery retailers," he added.