Hines and APG Asset Management’s (APG) €450m project to develop over a thousand build-to-rent (BTR) apartments in Dublin has been approved by the County Council.

Real estate fund manager Hines said the Dún Laoghaire-Rathdown County Council has approved plans for the €1bn Cherrywood Town Centre Development.

Earlier this year Hines and the Dutch pension fund investor entered into a joint venture to develop and hold the residential element of the Cherrywood project.

The mixed-use development will include 1,269 build-to-rent apartments, 585,000sqft of retail and office space as well as high-amenity leisure space.

Hines said construction on the three-year project is expected to commence in the fourth quarter of 2018.

Brian Moran, Hines senior managing director, said: “Today’s announcement also comes as we complete construction of the first phase of our infrastructure development project at Cherrywood, which includes three brand new flagship parks, a state-of-the-art all-weather multipurpose pitch, six new tennis courts and a sports pavilion, 5.4km of roadways, pedestrian footpaths, cycle paths, greenways and over 3,000 trees.”

In addition to the Town Centre project, Hines said it has just submitted a new planning application for 146 apartments, situated at the junction of Bishops Street and Tullyvale Road, its first application outside of the Town Centre.

The apartments will consist of 1 bed, 2 bed and 3-bed units built over 4 blocks.