GSA on track to deliver 5,000 new purpose-built student accommodation (PBSA) beds for students in Dublin by 2021
Freeing up housing stock and providing economic boost for Dublin
Global Student Accommodation (GSA) has announced the completion of Dublin’s largest ever purpose built student accommodation project, Kavanagh Court. The 491-bed residence, which was developed using debt funding from Ulster Bank, will open its doors on September 15th.
GSA and Chicago-based real estate private equity firm, Harrison Street Real Estate Capital, have invested in excess of €60 million into the site to create a seven-storey property composed of 88 three to seven bedroom cluster flats, all of which contain fully equipped kitchens, individual study areas within each bedroom and en-suite bathrooms. Residents will be able to enjoy views across the city centre’s famous sites including the landmark ‘Spire’ monument on O’Connell Street, and will also have access to stunning shared spaces including a games room, gym, communal study rooms, cinema, landscaped courtyard and roof-top terrace.
Located on the corner of Gardiner Street, the high-spec new-build, which is A-rated and BREEAM certified for energy efficiency, is just a 15-minute walk from Trinity College Dublin, Dublin Institute of Technology and the National College of Ireland. It is also within easy reach of Dublin’s iconic O’Connell Street, where residents can enjoy the numerous bars, restaurants, shops and leisure facilities.
Eoghan Murphy TD, Minister for Housing, Planning and Local Government, said: “Ireland is experiencing a housing crisis and the delivery of student accommodation is vital if we’re to solve it. It’s great that GSA has made this investment and done it so quickly, but it’s also excellent to see that GSA is committed to delivering additional developments around Dublin over the next five years.
“It’s important that we have quality student accommodation. It’s important that it’s in city centre locations and it’s important that it’s close to our universities. Developments like Kavanagh Court are going to contribute to the local communities and become part of those communities.”
Aaron Bailey, GSA’s Head of Construction Europe, said: “We’ve put a huge amount of effort into our student communities in Dublin and it’s been incredible to see such phenomenal student excitement in our offering – we’ve been fully booked for the 2017/18 academic year across all of our Dublin residences since August.
“Students at our developments in Dublin are projected to bring c. €6m into the local economy, benefiting local businesses. On top of that GSA is helping to accommodate the increased demand for student homes without impacting existing housing stock. The 491 bed Kavanagh Court frees up the equivalent of 200 houses in the market, and our New Mill and Broadstone Hall residences have opened up the equivalent of another 200-250. Delivering student beds and releasing pressure on housing stock is vital for Dublin, and is why we’ve committed to contributing 5,000 student beds here by 2021. This ambitious goal will be significantly aided by the 10 year deal we’ve signed with Trinity College Dublin and will help provide local jobs, while regenerating areas of the city that have previously been neglected.”
Eddie Cullen, Managing Director of Commercial Banking at Ulster Bank, which provided funding for the project, said: “Ulster Bank is delighted to support this project in Kavanagh Court and also the project at Brunswick Street with a combined commitment of €90m which is providing quality, well-serviced accommodation for students in Dublin. Our Commercial Real Estate team worked closely with GSA and provided sector specific support to help bring this development to life. We have a strong partnership with GSA and look forward to working together in the future.”
Paul Bruton, Managing Director of Bennett Construction, whose team constructed Kavanagh Court, said: “We have built at pace over the last 18 months at Kavanagh Court for GSA to deliver another 491 bedrooms of exceptionally high quality design standard and finish, which we hope students will enjoy for many years to come. Working closely with the local community, our dedicated supply-chain, subcontractors, designers and our client’s amenable approach were key to this great end result. We have provided in excess of 1,400 units in Dublin over the past 3 years and have a further 2,000 units under construction at present, including GSA’s Brunswick Street project which is due for 2018 delivery. We look forward to repeating similar results to Kavanagh Court.”
The completion of Uninest Kavanagh Court comes after GSA opened Uninest Broadstone Hall in 2016 and Uninest New Mill earlier this month. In total, the three residences 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.
Kavanagh Court uses electronic key fob entry systems and CCTV monitoring throughout, as well as the most up to date life safety fire alarm systems which are monitored by the onsite team 24/7, to ensure students’ safety. With all bills included, residents at the development will also have access to an on-site gym, laundry room with online monitoring, parking, games room and cinema room at no extra cost.
GSA sites now open in Dublin:
- Uninest Broadstone Hall, Dublin, was refurbished and reopened in September 2016. It provides 101 student beds.
- Uninest Kavanagh Court, Dublin, was delivered by Bennet Construction and opened in September 2017. It provides 491 student beds from September 2017.
- Uninest New Mill, Dublin, was delivered by BAM Construction and opened in September 2017. It provides 400 student beds.
GSA sites due for delivery in Dublin in 2018:
- Uninest 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.