THE MONTROSE STUDENT residence, located directly opposite UCD, is up for sale with a guide price of €41.5 million.
The property has been re-developed to provide student accommodation over five floors and commercial at ground floor level.
There are 205 en-suite student bedrooms, including a two bedroom penthouse apartment on the newly developed fourth floor, along with 777 sq metres of commercial accommodation and a total of 52 surface car parking spaces.
The main redevelopment was completed in October 2014 and an additional fourth floor subsequently added.
Savills launched the former three star hotel to the market for sale by private treaty on behalf of Ziggurat Student Living this morning.
The student accommodation scheme has a forecasted gross rent roll of approximately €2.91 million per annum.
Demand
The student accommodation rooms are configured typically for clusters of 8 rooms with a communal kitchen. The bedrooms are rented on an all-inclusive basis, encompassing all utility bills and 30mb broadband and WiFi in all rooms and communal areas.
Currently there are only approximately 9,000 purpose built student accommodation (PBSA) bedrooms in Dublin, including both University owned and privately built stock.
Based on a recent report from the Higher Education Authority (HEA), the full time Dublin student population of 2015/2016 is 75,131, which means only 12% of full time students are able to access PBSA.
This is significantly lower than the UK average of 32% and, it says, “illustrates a severe supply and demand imbalance in the city”.
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