Elkstone Partners Announce Multi-Million Pound Student Accommodation Scheme
Ireland’s leading multi-family office 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 of the acquisition:
“Bradbury Place is an extremely exciting project to mark our entrance to the Northern Ireland 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 Northern Ireland.
“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, Belfast, 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, concluded:
“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.”
For further information or to request an interview please contact Alyson English, Lighthouse Communications on +44 7740 513 547 or Alyson@nulllighthouseni.com
Elkstone is a Multi-Family Office regulated by the Irish Central Bank to provide investment services including investment portfolio management, and providing compelling investment opportunities in venture, real estate and alternatives.
Elkstone Partners is the parent company of Elkstone Private which is a regulated entity that can provide our client base with an extensive range of MiFID investment services. Our focus is to proactively assist our clients in selecting investment opportunities that are directly tailored to their individual needs.
The Real Estate division of the firm manages a wide variety of properties including commercial, residential and mixed use, as well as land acquisition and planning projects. The team have structured over £2bn of real estate transactions across Ireland, the UK, Europe and North America.
Elkstone is an established player in the purpose-built student accommodation sector in Ireland. Its first involvement was the pioneering Montrose project in Dublin in 2013, where it worked with Ziggurat to take the property through the planning system as Ireland’s first modern purpose-built student accommodation scheme.
Since the Montrose development, Elkstone has been involved with the construction/refurbishment of nine separate student accommodation developments and over 2,000 beds. In 2018/2019, it successfully brought one of the very first student accommodation schemes through the strategic housing development planning process (an initiative by the Irish government to expedite large residential developments).
Most recently, it completed the redevelopment of the award-nominated, 265 bed Copley Court student accommodation scheme in Cork City Centre.
About Ciarán McIntyre
Ciarán is Chief Commercial Officer and a co-founder of Elkstone Partners, and leads the real estate team, with responsibility for the sourcing of projects, right through to the delivery of developments. In a career of over 25 years, Ciarán has developed deep experience in in all aspects of real estate from planning and construction, to banking and law. He graduated with a Masters in Law from Harvard Law School (LL.M) and is a graduate of Balliol College, Oxford (B.C.L) where he was a Scatcherd European Scolar. Ciarán previously worked for leading law firms Sullivan & Cromwell LLP, and Davis Polk & Wardwell.