Strong interest from developers and investors is expected in the sale of a ready to go site for student accommodation in the centre of Santry, Dublin 9, close to Dublin City University.
The prime suburban development site, at Church Lane, which has the benefit of planning permission for a 221-bedroom purpose-built student accommodation scheme, is being brought to the market by Cushman & Wakefield at an asking price of €7.5 million.
The site, which comprises 0.23 hectares (0.57 acres), is centrally located in Santry, on a prime corner pitch at the junction of the Santry Avenue and Swords Road. As well as being on a quality bus corridor, the site is also close to Dublin City University, as well as other third level institutions in the city centre.
Architect John Fleming designed the scheme, which comprises 221 units that are 14sq m-25 sq m (151sq ft-269 sq ft) in size, all within a seven-storey structure. Upon receiving a final grant, 47 bed spaces were conditioned out with the loss of a floor. However, given the precedent of height in the area – an apartment scheme at the former Chadwicks site, directly adjacent to the subject property, extends to 13 stories in height – there is a strong possibility of regaining these bed spaces subject to a planning amendment. On the ground floor there is a reception area, communal lounge/social room, co-working area, a library/meeting room, a games room, a gym and a cafe.
Demand for student accommodation remains strong, as Irish universities remain attractive to international students, as the only English-speaking country in the EU.
Paul Nalty of Cushman & Wakefield said: “[Purpose-built student accommodation] site sales coming to market have been limited in recent years, despite the pent-up demand for new private bed spaces. Given the potential to deliver both a strong academic and summer income stream, we’re expecting several developers and investors to assess the opportunity.”
And the market remains active. Before Christmas, American investor Greystar paid about €150 million to acquire the Point Campus in Dublin, the largest purpose-built student accommodation development complex in Ireland, from German asset manager DWS Group.
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