Developers and investors involved in the provision of purpose-built student accommodation (PBSA) will be interested in the opportunity presented by the arrival to the market of lands near DCU’s main campus in Glasnevin, Dublin 9. Located on Hampstead Avenue, the site extends to 5.36 acres and is being offered for sale, subject to planning permission, by joint agents CBRE and Deloitte.
A feasibility study prepared by TOT Architects in advance of the sale suggests the site has potential to accommodate a PBSA scheme comprising 450 bed spaces. Although a guide price has not been set by the selling agents, offers in the region of €12.375 million are expected for the property. The figure equates to €27,500 per bed space.
The lands have dual zoning under the Dublin City Development Plan 2022–2028, comprising “Z12 – Institutional Land (Future Development Potential)” and “Z15 – Community Social and Infrastructure”. These designations allow for a range of developments, including educational, healthcare, residential and community-focused uses.
Peter Garrigan of CBRE said: “The scale, zoning, and connectivity of this site makes it particularly suitable for PBSA or other institutional uses and we expect strong interest from a range of developers and investors.”
Dessie Kilkenny of Deloitte added: “This land sale offers opportunistic investors and developers a rare opportunity to acquire a significant land holding suitable for residential development inside the M50. Given the current residential and PBSA-supply constraints in Dublin, we expect there to be good competition for the land.”