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Elkstone Partners announce multimillion-pound PBSA scheme

Ireland’s leading investment firm announces a multimillion-pound acquisition of a site for purpose-built student accommodation (PBSA).

Ireland’s leading multi-family office – Elkstone Partners – has announced its acquisition of a site on Belfast’s Bradbury Place. This marks the first acquisition in Northern Ireland for the Real Estate division of the investment firm.

30-44 Bradbury Place will be developed into a £20m purpose-built student accommodation (PBSA) and retail scheme. The development of the site will see 156 student beds and 3,900 sq ft of ground floor retail space fronting on to a heavy footfall area of the city. The scheme will be complete for the 2022/2023 academic year.

“Bradbury Place is an extremely exciting project to mark our entrance to the Northern Ireland market with a significant investment of international capital. 

“Our focus is to proactively assist our clients in selecting investment prospects that are directly tailored to their individual needs, and we will be seeking further investment opportunities in the north. 

“Purpose-built student accommodation continues to be a fast-growing sector and having seen activity surge across Ireland and the UK in recent years, we identified Bradbury Place as an opportunity to develop this market in Northern Ireland.”

Ciarán McIntyre, Chief Commercial Officer, Elkstone Partners
Bradbury Place site at present - Elkstone Partners | PBSA News
Bradbury Place site at present.

The Bradbury Place scheme is located minutes from Queen’s University. The development has received planning from Belfast City Council for 100 cluster and 56 studio beds over six floors. It will also include a range of amenities and facilities for students – ramping up the offering available in the city.

“The development of this site, which will be ready to welcome students for the Autumn 2022 term, will significantly enhance the student accommodation offering in Belfast, particularly in the popular Queen’s Quarter of the city. Students can expect best in-class facilities with contemporary furnishings and a host of communal amenities.

“The 3,900 sq. ft. of commercial space on the ground floor also presents an excellent opportunity for a retailer keen to capitalise on the increased footfall expected from the regeneration of this streetscape.”

Ciarán McIntyre, Chief Commercial Officer, Elkstone Partners

Elkstone is an established player in the PBSA sector in Ireland. Its first involvement was the Montrose project in Dublin in 2013, where it worked with Ziggurat to take the property through the planning system as Ireland’s first modern PBSA scheme. 

Since then, Elkstone has been involved with the construction/refurbishment of nine separate student accommodation developments and over 2,000 beds. In 2018/2019, it successfully brought one of the very first student accommodation schemes through the strategic housing development planning process – an initiative by the Irish government to expedite large residential developments. 

Most recently, it completed the redevelopment of the award-nominated, 265 bed Copley Court student accommodation scheme in Cork City Centre.

“Purpose-built student accommodation has been a key strand of our real estate investment strategy for a number of years, and with clear demand for such accommodation in Belfast we are certainly keen to explore further opportunities.”

Mr McIntyre, Co-founder, Elkstone Partners

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