Sunday 11 December 2016

Ziggurat spends €400m buying up student accommodation sites in Dublin, Galway and Cork....but the rent isn't cheap

Average rents of €200 to €250 per week per room at Montrose

Published 12/07/2016 | 14:12

A shared kitchen at the Ziggurat student complex in Dublin. Paul Sherwood Photography
A shared kitchen at the Ziggurat student complex in Dublin. Paul Sherwood Photography
New plan for inner-city area follows announcement last year that the former Montrose Hotel would become a student centre
A happy group of Ashford Academy of Music students enjoy a day out at the Montrose TV Studios.

Ziggurat, the UK-based developer of student accommodation behind the conversion of the former Montrose Hotel into student accommodation, has acquired a number of key sites in Dublin’s north city centre as part of its plans to build up to 4,000 new student units in Dublin, Cork and Galway.

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A number of the firm’s Dublin sites have just been acquired on Dublin’s Upper Dominic St, just off Bolton St in the north inner city where a 380 bed facility will be built and linked by the new Luas line to both the DIT campus at Grangegorman and Trinity College.

A second site on dublin’s North Circular Road, also adjacent to the DIT Grangegorman campus will see accommodation for 420 students built, bringing the total number of bed spaces targeted towards the new DIT campus and TCD come to 800.

The sites in question include the former Michael H textile plant acquired from Small Firms Association Chairman, AJ Noonan, and two former Arnotts car park sites controlled by developer Noel Smyth.

Close proximity to the LUAS means that the proposed student accommodation buildings will be no more than 15 minutes door-to-door from Trinity College.

Subject to planning, the firm expects to bring about 800 student rooms on stream in Dublin during 2019.

It is estimated the projects will require close to €100m of capital investment.

Ziggurat has plans to ultimately invest close to €400m in developing 4,000 student rooms in cities across Ireland.

As part of its overall €400m investment plan, Ziggurat has also acquired a site on Cork’s Western Road close to UCC for a 200 bed facility and expects to build up to 1,000 student rooms in both Cork and Galway over the next three years.

While nearly full, Ziggurat is currently changing rents of €200 to €250 per week per room at Montrose.

"Our classic rooms are our standard rooms," the company said.

"Each generously sized room measures approx. 15m2 and has an en-suite bathroom. They come furnished with bed, desk, chair, noticeboard and bedside locker.

"Each room is in a cluster of 6-8 rooms which share a well-equipped kitchen containing two fridge/freezers, hob, oven, microwave, kettle and toaster and a living room/dining area, which contains a TV, sofas and a dining table."

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