A site within walking distance of the University of Galway, and with full planning permission for a purpose-built student accommodation scheme, is coming to the market guiding €7.2 million. Given its location, and the demand for such accommodation in the ever popular student city, the site is likely to attract strong interest from national and international investors.
The development opportunity, on the Headford Road, is being brought to the market by Cushman & Wakefield, with full planning for a student accommodation and retail scheme.
The 0.4285-hectare (1.06-acre) site is within walking distance of University of Galway, Shop Street and Eyre Square. The approval provides for 272 bed spaces designed over two blocks, along with ancillary student-support facilities including a gym, cinema room, communal lounges and breakout spaces. The development also includes four retail units extending to an overall size of 3,736 sq m. These have frontage on to Headford Road beside the Galway Retail Park and Galway Shopping Centre.
As well as the University of Galway, the city is also home to the Atlantic Technological University (ATU). Combined, they attract more than 22,000 full-time students, while the city is a tourist hub throughout the year, with some 126 festivals, including the Galway Races, Galway International Arts Festival and the Galway International Oyster Festival.
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A report from Lisney earlier this year found that with many purpose-built student accommodation operators already experiencing full capacity, and with student numbers expected to grow by 30,000 by 2030, the demand for student beds is likely to remain “exceptionally strong in 2024 and beyond”.
Patricia Staunton of Cushman & Wakefield said: “This is an opportunity to acquire a strategic site with will full planning permission in Galway, where demand is outweighing supply in both the PBSA (purpose-built student accommodation) and hospitality market, and should attract strong interest from both the national and international markets.”
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