Green light given for development of over 570 student rooms in Dublin city centre

16 December 2016

The approval follows GSA’s recent refurbishment of the 101-bedroom Broadstone Hall in Dublin’s north inner city. It represents the latest element of the company’s wider plans to invest €250m in student accommodation in the capital over the next five years.

Apart from Brunswick Street and Broadstone Hall, GSA is working with joint venture partner Harrison Street Real Estate Capital to introduce the 400-bedroom New Mill, in Mill Street, Dublin 8 and the 491-bedroom Kavanagh Court in Gardiner Street, Dublin 1 to the market in 2017.

Elsewhere, Green REIT announced yesterday that it has signed a lease agreement with an international business services provider for the entire of its newly-developed 32,000 sq ft office building at 32 Molesworth Street in Dublin 2. The agreement is for 20 years, with breaks in years 10 and 15, and with a rent per square foot of €51.70 and is Green REIT’s first letting of one of its new office developments.

Commenting on the  letting of 32 Molesworth Street, Green REIT’s development director, Paul Culhane said the company looked forward to securing tenants for its three other office developments in Dublin, all of which he added were “going to plan”.

Block H in Central Park in Dublin’s south suburbs, is due for completion by year end, Mr Culhane noted.

Green REIT also announced that it has exchanged contracts to pay €12.25m for approximately 164 acres of land adjacent to its holding at Horizon Logistics Park at Dublin Airport.

The acquisition, which is expected to be completed before the end of 2016, brings the company’s total land holding at Horizon Logistics Park to approximately 264 acres.

While Goodbody senior real estate analyst Colm Lauder said the price paid for the land was almost 25pc above the €10m quoted by agents Knight Frank, he noted the draft development plan for the area proposes

rezoning to “general employment”, opening the site to a “myriad of uses”, including the creation of the landmark business park north of Dublin city.