Elkstone and Harrison Street form a strategic partnership to deliver over 1,500 purpose-built student accommodation (PBSA) beds in Dublin, Cork, Limerick and Galway. It aims to address the significant shortage of modern student accommodation in Ireland’s main cities.
The first PBSA development – Stoneybatter Place – is on Manor Street in Dublin 7. The five-storey building will deliver 142 new ensuite bedrooms. Amenities include a large common area, two roof gardens, an expansive gym and laundry facilities.
“We are excited to embark on this new journey with Harrison Street. The firm’s depth of knowledge in this sector, matched with our own local and international experience, provides a strong platform to develop a high-quality portfolio of PBSA across the Irish market. We look forward to delivering much needed accommodation to a number of locations and providing a first-class student experience.”Ciarán McIntyre, Head of Real Estate, Elkstone
Students at Stoneybatter Place benefit from the scheme’s location, which is minutes from Technological University Dublin, and a short distance from Trinity College, the Law Library and Kings Inn.
The Dublin PBSA development is set to complete in September 2023 and has already experienced high demand, with limited availability for the start of this Autumn’s academic term.
Monami Construction is the main contractor on the project and Mezzino, an established manager in the UK and Ireland, will operate Stoneybatter Place once complete. The development is funded by Activate Capital – a leading provider of residentially led development finance in Ireland.
“This announcement reflects our ongoing commitment to expand our presence in the Irish student housing market, which continues to demonstrate a tremendous need for high-quality student accommodations. 80% of Dublin’s student population does not have access to purpose-built student housing options, and through our ongoing partnership with Elkstone we look forward to closing that gap by bringing premium student housing options to the market.”Paul Bashir, Chief Executive Officer of Harrison Street’s European Business
As part of Elkstone’s and Harrison Street’s ongoing commitment to sustainability, the partnership will adhere to the highest ESG standards in both construction and operations. Projects will be assessed under Fitwel, GRESB and BREEAM criteria, with Stoneybatter Place targeting a BREEAM “Very Good” certification and three-star rating from Fitwel.
Elkstone is a leading Irish investment house focused on living real estate. The company develops two world-class investment platforms in PBSA and the Build to Rent sectors, with the aim of driving economic growth and delivering on housing needs.
Investment management firm Harrison Street has 15 PBSA assets in Ireland, totalling almost 4,900 student beds, which have been delivered in partnership with local developers and operators. The company currently has approximately $55bn in assets under management.