Investment firm, Elkstone, announces £20m student accomodation scheme in Belfast
Ireland’s Elkstone Partners has announced its acquisition of a site on Belfast’s Bradbury Place where a £20m purpose-built student accommodation and retail scheme will be developed.
30-44 Bradbury Place is the first acquisition in Northern Ireland for the Real Estate division of the investment firm. Development of the site will not only result in an additional 156 student beds for the 2022/2023 academic year, but also 3,900 sq. ft of ground floor retail space fronting on to a heavy footfall area of the city.
Ciarán McIntyre, Chief Commercial Officer at Elkstone Partners said: “Bradbury Place is an extremely exciting project to mark our entrance to the NI market with a significant investment of international capital. Our focus is to proactively assist our clients in selecting investment prospects that are directly tailored to their individual needs, and we will be seeking further investment opportunities in the north.
“Purpose-built student accommodation continues to be a fast-growing sector, and having seen activity surge across Ireland and the UK in recent years, we identified Bradbury Place as an opportunity to develop this market in NI.
“The development of this site, which will be ready to welcome students for the Autumn 2022 term, will significantly enhance the student accommodation offering in Belfast, particularly in the popular Queen’s Quarter of the city. Students can expect best in-class facilities with contemporary furnishings and a host of communal amenities. The 3,900 sq. ft. of commercial space on the ground floor also presents an excellent opportunity for a retailer keen to capitalise on the increased footfall expected from the regeneration of this streetscape.”
Elkstone has a rich pedigree in purpose-built student accommodation having been involved in the planning, construction and operation of more than 2000 beds across the UK and Ireland.
The scheme at Bradbury Place, conveniently located just minutes from Queen’s University has received planning permission from Belfast City Council for 100 cluster and 56 studio beds over six floors, and will ramp up the student accommodation offering in the city with a host of facilities and amenities.
Mr McIntyre, a co-founder of Elkstone Partners added: “Purpose-built student accommodation has been a key strand of our real estate investment strategy for a number of years, and with clear demand for such accommodation in Belfast we are certainly keen to explore further opportunities.”
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