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LONDON-British Land has sold its 50% stake in Cherrywood Properties to its joint venture partner Dunloe Ewart for €63.85 million ($62 million). The company owns a key 413-acre site south of Dublin and Dunloe Ewart now plans to press on with the development alone.

Cherrywood comprises 413 acres of land strategically located in South County Dublin at the proposed Lehaunstown Interchange of the South Eastern Motorway and connects with the Wyattville Link Road which provides a link road between the existing N11 and the South Eastern Motorway.Dyunlow Ewart said that because of the site’s size and location, there is significant potential for large scale residential, retail and commercial development.

The masterplan for Cherrywood envisages mixed business, leisure, retail,healthcare/retirement facility with associated residential development. In partnership with Dun Laoghaire Rathdown County Council, five buildings totalling 251,940 sf have been constructed and there is planning permission for four additional office buildings of 203,000 sf. In the year ended 31 December 2001 Cherrywood Properties booked profits of €5.35 million ($5.2 million)

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