Crosslane Student Developments part of the Crosslane Property Group (“the Group”), announces that it has acquired a 0.5 acre (0.2 ha) site in Stoneybatter, Dublin, with existing planning consent to develop a 99 bed purpose-built student accommodation (“PBSA”) scheme.
This site is the Company’s second PBSA scheme in Ireland, following the acquisition and development of Carman’s Hall, Dublin, a 207-bed PBSA scheme due to be complete for the start of the 2019/20 academic year, near both Trinity College Dublin and the Royal College of Surgeons’ Ireland campus.
The Stoneybatter development is located within five minutes’ walk to the Dublin Institute of Technology’s Grangegorman campus and an eight minute walk from the city centre. The development is also conveniently located within a seven-minute walk of the main bus routes and approximately 20 minutes from Trinity College via nearby tram routes.
As demonstrated on the Company’s recent Carman’s Hall development, Crosslane will work with local suppliers and contractors, as well as the local planning authorities to ensure the Company creates long-term employment and assist in developing the local and wider community in a responsible manner.
Ireland is a stable and growing economy and a significant investment destination, which is leading to increasing demand for residential accommodation of all kinds. Structural supply imbalances and inflationary pressures continue to be caused by supply constraints. The two PBSA projects being developed in Dublin by Crosslane will help to meet the need for student accommodation, from local and international students, and open up private housing, traditionally occupied by students, for young professionals and families.
Dublin is an internationally renowned university city with approximately 70,000 students studying at numerous higher education establishments and is the primary centre of education in Ireland. Dublin’s two oldest and most prestigious universities are Trinity College Dublin and University College Dublin, and alongside the Royal College of Surgeons represent a significant attraction to the student population. In September 2019, the Dublin Institute of Technology will consolidate their campuses to two new buildings known as the Central and East Quads at Grangegorman campus, increasing the number of students on the campus to just over 10,000.
Crosslane is targeting 3,000 beds in Ireland over the next three years as part of the Company’s expansion across wider European student accommodation markets.
Lisa Timberlake, Senior Development Manager, Crosslane Student Developments, commented:
“Crosslane has been assessing the student accommodation market in Ireland for several years and is pleased to make our second investment in Ireland and play a part in helping to support Ireland’s reputation as a stable and growing economy and a leading university location. We look forward to expanding Crosslane’s business in Ireland in a responsible way.
The student and wider residential market in Dublin continues to suffer from persisting demand/supply imbalances and we look forward to helping alleviate those pressures, as well as creating jobs and infrastructure for the long term.”