Round Hill Capital, a leading global real estate investment, development and asset management firm, announces that funds advised by Round Hill Capital and NBK Capital have acquired a 368-bed student accommodation development in The Liberties area of Dublin 8. The site was purchased from Summix, an urban mixed-use regeneration project specialist, with whom Round Hill Capital plans to partner on additional student accommodation developments in Ireland.
The development, located on the former ‘Brewery Block’ site adjacent to Newmarket Square, will preserve protected structures and celebrate the heritage of the surrounding location. The new Henry J-Lyons designed building will integrate a five-storey red brick tower and the façade of the now derelict warehouses that currently occupy part of the site. The project has a gross development value of €85 million.
Construction of the new development will commence in July 2020 following the completion of demolition works. It will take two years, ready for occupation in September 2022 and in time for the 2022/23 academic year.
The project will deliver much-needed student accommodation into a market where the Higher Education Authority estimated in 2015 that over 11,000 new student beds were needed by 2024*.
The development is exceptionally well-located for access and transport links to third-level colleges, including Trinity College Dublin (TCD), University College Dublin (UCD) and Technological University Dublin (TUI). It will provide residents with high-quality services and amenities, including 24-hour security, 200Mbps Wi-Fi, 24/7 gym, a cinema room, bike storage, study areas, year-round events programmes and significant new landscaped outdoor spaces.
Nido Student will manage the development, an established operational platform and brand for European student accommodation. Nido provides a home, lifestyle and experience which supports students’ success and helps to build a real community.
This is Round Hill Capital’s third student accommodation investment in Ireland, following the acquisition of a 145-bed development on Farranlea Road in Cork in December 2018 which was delivered in a strategic planning partnership with Summix. Round Hill Capital has also invested in a 216-unit apartment development called Bridgefield in Santry, Dublin 9. The firm currently has under development over 7,000 apartments and student accommodation beds in the UK, Spain, Portugal, Sweden, the Netherlands and Ireland.
Round Hill Capital established its Irish office in 2018 and has significant capital to deploy into its strong and growing pipeline of investment opportunities in the local build-to-rent and purpose-built student accommodation sectors in Ireland and across Europe.
Niamh O’Connor, Partner at Summix, said “We are delighted to partner with Round Hill Capital once more in addressing the undersupply of quality purpose-built student accommodation in Ireland whilst breathing new life into this iconic part of Dublin. We look forward to building on our successful track record in the region with our existing projects in Galway and our active pipeline of new opportunities across Ireland.”