Student accommodation scheme for €13.75 million
A student apartment development in the city centre – which offers more than 100 bed spaces – has come on the market with a €13.75m price tag.
‘Radical Student Living’ at Edward Square is fully occupied for the current academic year.
According to selling agents CBRE, the gross passing rent, including estimated summer revenue, is €1.39 million per annum.
Shane Cahir, Senior Director of CBRE, said: “The student housing market continues to perform very well with stable cashflows, strong occupancy rates and significant under supply. As such, there continues to be a strong depth of capital looking to invest in the student housing sector in Ireland.”
He described the development as “an excellent opportunity to acquire a stabilised and income producing student accommodation asset in the centre of Galway City”.
“Radical offers an unrivalled central city location, just off the main shopping thoroughfare, Shop Street, and 500m from Ceannt railway station. The development is within walking distance (1km) of University of Galway and 3.2km of the Atlantic Technological University (ATU). Collectively NUIG and ATU attract over 25,000 full-time students each year,
“The property is fully occupied for the 2022/23 academic year. In addition, it offers excellent summer revenue opportunities, with Galway City a proven tourist destination on the doorstep of the Wild Atlantic Way,” he said.
The agents said the €13.75m price represents a net initial yield of circa 6.5%. For further information, contact CBRE on 01 6185500.