Belfast's Student accommodation boom
A look at this Belfast's Student accommodation boom and this weeks news and deals
Hello and Welcome to This Week's Episode of
The Developer
Holiday season is well and truly behind us and the market is picking up from the usual summer lull, albeit it a slow pace.
In the next few weeks, we will focus on some of the biggest developments transforming Ireland. We'll begin up North by exploring the rise in student accommodation in Belfast as well as our usual look at what is on the market across Ireland.
Who's Building Ireland?
This week we take a look at whats been happening up North. The North of Ireland has typically seen less development activity compared to the South. However, this trend has been changing in recent years, with significant projects proceeding, particularly in Belfast.
Student Accommodation: Shaping Belfast’s Skyline
One of the most noticeable trends in Belfast over the past five years has been the surge in student accommodation developments. These purpose-built student accommodations (PBSA) reflect Belfast's growing popularity as a university city, both locally and internationally.
These purpose built schemes offer students much more than the standard Holylands (Belfast student suburb) Flat that students are used to with on site gyms, coffee shops and Cinemas.
Here are some of the key developments:
Titanic Quarter Student Village (1,007 beds) - Developed by Titanic Quarter Ltd, a jv between Watkin Jones and Holywood based Lacuna Developments
Elms BT1 (747 beds) - Completed by Queen’s University Belfast in 2018. The £40m development includes en-suite student rooms, a gym, commercial space, and landscaped courtyards. It was shortlisted for RICS Social Impact Awards in 2020.
Elms BT2 (490 beds) - Developed by Queen’s University Belfast alongside a 237-bed hotel. The £24.5m project was built between 2016-2018 and includes communal areas and a coffee bar.
Bruce Street Studios (269 beds) - Developed by MRP and opened in September 2023. The 15-storey building offers design-led student studios and includes a rooftop terrace and over 60 bicycle parking spaces.
Great Patrick Street (474 beds) - Developed by Olympian Homes and Brookfield Student Real Estate, completed in August 2018. The project includes ground-floor retail space and was ready for the 2018/19 academic year.
Bradbury Place (156 beds) - Developed by Elkstone and managed by Mezzino, this new £20m residence is now open for reservations ahead of the 2024/25 academic year. Students booking by 24th August 2024 can avail of discounts up to £750.
Student accommodation in Belfast has become a lucrative business with many investors prepared to finance and develop in the city.
McAleer and Rushe remain the main player in the sector, but Dublin based Elkstone are active as are Welsh developer Watkin Jones.
This market continues to grow, with more schemes currently in planning and demand remaining in this sector.
On the Market: Key Properties Available Right Now
This week there were a number of key sites and investments brought to the market.
Finance for projects is extremely difficult at the minute, with the main stream banks being non existent and the alternative lenders being at much higher rates, although at least they are willing to lend.
Currently on the market we have:
Residential Development Site in Howth, Co Dublin
Price: €4,750,000
Details: Located in the affluent area of Howth, this 3.71-acre site on Kitestown Road is split into two sections. The larger portion (2.87 acres) is zoned ‘RS-Residential’, perfect for residential development, while 0.84 acres are zoned ‘OS – Open Space’. This is a prime opportunity to develop in one of Dublin’s most sought-after coastal locations.
Dalkey’s Queen’s Pub
Price: €3.95 million
Details: This historic pub, located in the heart of Dalkey village, has planning permission for a 30-bedroom guesthouse. The sale is expected to attract publicans, investors, and hoteliers. Bought for €3.5 million just three years ago, it has been frequented by celebrities such as Bono and Bruce Springsteen.
Mixed-Use Investment on Thomas Street, Dublin 8
Price: €3.7 million
Details: A fully let, high-profile mixed-use property located at 110 Thomas Street. The building comprises a ground-floor public house (currently let to Love Tempo with a rent of €110,000 annually) and six self-contained apartments. The property generates a total passing rent of €261,140 per year. The residential units have recently undergone significant refurbishments.
Development Site on Herberton Road, Dublin 12
Price: €8.25 million
Details: Canal House is a prime 0.77-hectare site with full planning permission for 113 apartments and commercial space. Located in an area undergoing urban renewal, the development includes 57 one-bed and 56 two-bed apartments, with 60 parking spaces and proximity to the Luas Red Line and key employers such as St James’s Hospital.
Premier Inn Hotel, Belfast
Price: £8.5 million
Details: This 148-room hotel is located in Belfast city centre as part of the Adelaide Exchange complex. Whitbread plc, the owner of Premier Inn, has a lease running until August 2037, with an annual rent of £529,618. Recently reduced from £9.93 million, this property offers a solid investment with a long-term lease in place.
Got Off-Market Deals?
We’re always on the lookout for opportunities in property.
Currently, we are particularly interested in land and property between Belfast and Dublin, with a key focus on Newry, South Down, and County Louth.
But realistically we will look at anything that can make a few quid.
If you have any off-market deals or projects that might be of interest, feel free to get in touch at eamon.breen@breenholdings.com
That’s all for this week’s episode of The Developer!
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Thanks
Eamon Breen