A £20 million student accommodation scheme is set to be built in Belfast by a Dublin-based investment firm.
Elkstone Partners has acquired 30-44 Bradbury Place, close to Queen’s University.
Planning permission has recently been granted by Belfast City Council for a purpose-built 156-bed student accommodation scheme over six floors on the site including 3,900 square feet of retail space on the ground floor.
It is the first time the wealth management firm has acquired property in Northern Ireland.
Elkstone’s chief commercial officer Ciaran McIntyre described Bradbury Place as an “extremely exciting project” to mark the firm’s entrance into the Northern Ireland market.
He said: “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.
“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.”
Elkstone has been involved in the construction of more than 2,000 purpose-built student accommodation beds in the rest of the UK and the Republic.