Investment firm Elkstone is to develop a new 345-bed purpose-built student accommodation facility for Galway City in partnership with property investment management company Harrison Street.
It is the first significant investment in the region through the partnership which is expected to deliver 1,500 student beds across Ireland by 2028. The company’s previous project, located in Stoneybatter, Dublin, recently opened and delivers 142 beds for students.
The Galway project, which is set to be completed in 2026, will be located on Queen Street, and is being backed by a €75 million investment from the Ireland Strategic Investment Fund (ISIF).
The eight-storey building will include common study areas, a gym, bicycle storage, a cinema room, rooftop terrace, and reception open around the clock. Located close to Ceannt train station, it is a 15-minute walk from the University of Galway.
“At Elkstone, we want to help support Ireland’s infrastructure. For us, it is about connecting real capital to meaningful projects at scale,” said Ciaran McIntyre, Co-Founder and Head of Real Estate at Elkstone.
“By opening access for local Irish investors to co-invest alongside global industry leaders like Harrison Street, we can provide modern and liveable spaces that both represent and further bolster communities. Queen Street is just one example of the thousands of sustainable and high quality, purpose-built student accommodation units we are developing right now across the island.”
The move is a significant increase in activity for Elkstone in this market. The company manages a €2 billion property portfolio with more than 3,200 properties delivered. It has projects in development in Dublin, Cork, Limerick, Belfast, and Galway and is a Land Development Agency (LDA) partner.
Elkstone’s projects have previously delivered almost 100 student beds in Galway, but a lack of dedicated student accommodation available in Galway and further afield has created new opportunities for investors.
“The development of Queen Street represents a notable expansion within the student housing sector to meet the growing demand in Ireland’s third largest student market,” said Paul Bashir, Harrison Street’s chief executive of Europe. “We are proud to continue our partnership with Elkstone and collaborate on bringing this premium student housing asset to an undersupplied region.”
Monami Construction is the main contractor on the Queen Street project, with Mezzino operating the property. Development finance is being provided by Activate Capital.
“This is a good example of ISIF’s co-investment strategy at work, in which it can act as a catalyst to attract international co-investment capital to support the construction of new accommodation in one of Ireland’s leading cities,” ,” said Nick Ashmore, director of ISIF.
“ISIF’s partnership with Harrison Street, announced in 2023, aims to increase the supply of available student accommodation in regional cities to meet the housing needs of students and support the growth of Ireland’s universities.”
“The delivery of this development is aligned with ISIF’s ambitious €500 million programme to support regeneration in Irelands five regional cities, whilst also making a positive contribution to our objective of delivering over 25,000 new homes by 2030.”
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