CA Ventures and Harrison Street have worked together in the US for over 12 years – and more recently in the UK. They have now announced the launch of a new purpose-built student accommodation (PBSA) joint venture (JV) in Ireland. The JV will deliver a new PBSA scheme in Cork, Ireland – and is expected to complete in time for the 2023/2024 academic year. The development will be managed by Novel Student – CA Ventures in-house PBSA management company.
“This development represents an exciting opportunity to provide much needed modern PBSA to Cork’s underserved university housing market. We are excited to expand our partnership with [CA Ventures] as we continue to identify attractive PBSA opportunities in top-tier university cities across Europe.”Paul Bashir, Chief Executive Officer, Harrison Street’s European business
Located on Carrigrohane Road – a strategic location in the city centre – the scheme will serve students at the University College Cork, the city’s University Hospital and the Cork Institute of Technology. The 623 student rooms will include ensuite toilets and showers, premium furnishings, kitchenettes with burners, appliances, a fridge and countertop and cabinet space.
The new Novel Student community will also include a range of shared amenities – such as study and meeting rooms, tea lounges, gym and relaxation rooms and breakfast bars with complimentary coffee. There will also be shared spaces, rooftop amenities, an outdoor courtyard and bike storage.
Both companies say the demand for student beds in Ireland outstrip supply by almost three to one. They forecast this to grow by a further 9% over the next four years. The unmet demand and lack of quality housing options has created a significant investment opportunity for both companies – to meet the growing desire for premium PBSA.
“Together with Harrison Street, CA Ventures has already closed on four PBSA development projects to deliver more than 900 beds across London, Edinburgh, Leicester and Belfast. The closing of this transaction allows us to capture additional unmet demand in Cork as we expand our footprint in Ireland to deliver a total of 1,500 beds across the United Kingdom and Ireland.”Carlo Matta, Head of Europe, CA Ventures