GSA has completed its 400-bed Flagship student residence in Dublin, Uninest New Mill. The €41m development, which is the next phase of an agreement between GSA and Chicago-based real estate private equity firm, Harrison Street Real Estate Capital, will open its doors to students on 2nd September.
Situated in The Liberties, Uninest New Mill was developed with debt funding provided by Bank of Ireland. It is ideally located for students studying at Trinity College Dublin, Royal College of Surgeons in Ireland, and the Dublin Institute of Technology’s (“DIT”) City Centre campus at Grangegorman. The seven storey, energy efficient development which took 20 months to complete and is already fully booked prior to the start of the 2017/18 academic year, offers students a variety of en-suite cluster flat rooms and studios. In addition, two commercial units are available for shops and restaurants within the development, which will give students convenience on their doorstep.
The opening comes shortly after contracts were signed between GSA and BAM Ireland for the development of Uninest Tannery on Blackpitts Road, a 296 bed residence being built next to Uninest New Mill. The construction of the additional development is expected to create approximately 250 jobs throughout construction, with a further five full-time positions becoming available upon completion. Once open in 2018, the residence will offer a combination of ensuite cluster apartments and community spaces, including an incubation hub for local start-ups, small businesses and entrepreneurs.
Aaron Bailey, GSA’s Head of Construction Europe, said: “We’ve put a huge amount of effort into our Uninest portfolio in Dublin and it’s been incredible to see such phenomenal student interest in our offering. We are already fully booked for the 2017/18 academic year across our New Mill, Broadstone Hall and Kavanagh Court residences, and while Dublin’s universities are thriving, and encouraging more and more domestic and international students to study in the Irish capital, we anticipate continued high demand for housing.
“Ever since GSA entered the Irish market we’ve been fully committed to working with the local community, whether it is through partners, suppliers, contractors or stakeholders. Maintaining these relationships will be more important than ever for ensuring our long-term success in Dublin, as we look to achieve our goal of delivering accommodation for an additional 5,000 students by 2021.”
Speaking about the transaction, Michael Murray, Head of Construction and Development at Bank of Ireland Corporate Banking, said: “Bank of Ireland is delighted to play an active part in supporting the Mill Street student accommodation development. The scheme is one of a number we’re supporting GSA on with total funding in the region of €70m and c. 800 student units to be delivered.
“GSA has an excellent track record in the student accommodation sector and this Mill Street development further highlights our ongoing commitment to that sector. As with many of our customers, we’ve fostered a longstanding relationship with GSA and continue to work very closely with the GSA team to provide a tailored funding solution. This transaction is the latest in a number of major financings Bank of Ireland has completed over the last 24 months for many of Ireland’s leading names in real estate, and we look forward to continuing this support long into the future.”
Martin Creedon, Managing Director of the Creedon Group and Newmarket partnership, said: “This very impressive development is the next step in the rejuvenation of Mill Street and Newmarket – a process that has already seen great success with the opening of The Teeling Whiskey Distillery. None of this would have been possible without the tireless work of GSA, who identified the potential in Mill Street, and recognised how their participation could spur on the rejuvenation the area badly needed.”
The completion of Uninest New Mill comes after GSA opened Broadstone Hall in 2016 and prepares to open Kavanagh Court before the beginning of this academic year. In total, the three residences will have contributed almost 1,000 much-needed student rooms to Dublin. GSA is also due to deliver a 570 bed residence on Brunswick Street in 2018, along with the 296 bed Uninest Tannery.
GSA sites now open in Dublin:
Broadstone Hall, Dublin, was refurbished and reopened in September 2016. It provides 101 student beds.
Uninest New Mill, Dublin, was delivered by BAM Ireland and opened in September 2017. It provides 400 student beds.
GSA sites due for delivery in Dublin in 2017:
Kavanagh Court, Dublin, is being delivered by Bennet Construction, and will provide 491 student beds from September 2017.
GSA sites due for delivery in Dublin in 2018:
Brunswick Street, Dublin, is being delivered by Bennet Construction, and will provide 570 student beds from September 2018.
Uninest Tannery, Dublin, is being delivered by BAM Ireland, and will provide 296 beds from September 2018.
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