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A global real estate investment, development and asset management firm has acquired land on Bandon Road in Cork City, where full planning permission has been granted for a 412 bed student accommodation development.
Round Hill Capital announced that funds advised by Round Hill Capital and NBK Capital have acquired the fully owned 1.5 acre site for € 10.3 million.
Along with the permission for the development of 412-bed student housing, they add that there is an additional opportunity for an adjoining site offering 142 additional beds, subject to planning.
The Bandon Road development is within a five minute walk of University College Cork, the Cork Institute of Technology, and Cork city center.
The project has a gross development cost of € 83 million and is the fourth investment Round Hill Capital has made in the student accommodation sector as part of its joint venture with NBK Capital, bringing its current portfolio to nearly 1,350 beds in development.
Round Hill Capital, in association with NBK Capital, plans new acquisitions to develop a portfolio of student accommodation of more than 2,000 beds.
Bandon Road will be ready for occupancy in September 2022 and in time for the 2022/23 academic year.
The main site was previously a woodworking warehouse before demolition took place on the site.
The development will provide residents with amenities such as an open and welcoming reception, private dining room, gym / wellness room, study and game areas, laundry, bike storage, 24-hour security, 200Mbps Wi-Fi, programs events throughout the year. and important landscaped outdoor spaces.
Nido Student will be in charge of development. There are currently 15 student residences operating in the UK with more than 5,000 beds.
Michael Bickford, Founder and CEO of Round Hill Capital, said: “Round Hill Capital has an 18-year track record of successfully investing, developing and operating in student housing and residential housing assets throughout Europe and we are pleased to have acquired this Excellent 412 – purpose built student accommodation development project in Cork, Ireland.
“This development is exceptionally well located, a five minute walk from University College Cork and close to the center of Cork city. We appreciate that areas of the residential and student housing markets in Ireland suffer from structural supply and demand imbalances and look forward to helping alleviate these pressures and further expand Round Hill Capital’s business in Ireland and across Europe. “John Vaudin, Managing Director of Round Hill Capital (Ireland), said: “There is a critical need for more purpose-built student accommodation in the Irish market and this development in Cork will help meet that need. We have designed an attractive and modern building with services and amenities. of high quality that will regenerate a disused site into a vibrant home for students. ” Faisal Al-Hamad, Chief Executive Officer of NBK Capital, said: “NBK Capital is pleased to continue to partner with Round Hill Capital to finance student accommodation developments in Ireland. Cork is an attractive city with high-quality third-tier educational institutes, and we are delighted to be able to contribute to the redevelopment of the city and provide much-needed student accommodation. “Round Hill Capital’s other existing investments in Cork They include a 145-bed development on Farranlea Road and a 275-bed development on Washington Street in the heart of the city Round Hill Capital also acquired a 368-bed development at The Liberties in Dublin earlier this year.
The Farranlea Road scheme is now called Curraheen Point, which recently achieved practical completion with the first students now busy. Development facilities include 24-hour security, bike storage, 200Mbps WiFi, and year-round resident events.
A wide range of measures have been introduced to manage Covid-19 related risks at Curraheen Point, including increased cleaning regimes, hand sanitizing stations throughout the building, a lot of signage to encourage distancing social, limits to the number of residents who use social spaces, provision of masks for all staff and students and the installation of methacrylate screens in reception and study spaces.
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