In brief: New stu­dent hous­ing for Dublin and in­dus­trial mar­ket lat­est

Sunday Independent (Ireland) - Property - - SUNDAY PROPERTY / COMMERCIAL PROPERTY - Ron­ald Quinlan

THE UK-head­quar­tered stu­dent ac­com­mo­da­tion spe­cial­ists GSA and BAM Ire­land have signed a €43m con­tract for the devel­op­ment of Uninest Mill II, an ad­di­tional res­i­dence be­ing built near to GSA’s 400-bed flag­ship res­i­dence, Uninest New Mill in Dublin’s Lib­er­ties, pic­tured inset, which is opening this Septem­ber.

The con­struc­tion of Uninest Mill II at Mer­chant’s Quay is ex­pected to cre­ate around 250 jobs dur­ing the build­ing phase, with a fur­ther five full-time po­si­tions be­com­ing avail­able upon com­ple­tion in 2018.

Uninest Mill II will pro­vide 296 beds from Septem­ber 2018, of­fer­ing a com­bi­na­tion of en­suite clus­ter apart­ments and com­mu­nity spa­ces.

The build­ing’s ground floor is set to be­come a busi­ness in­cu­ba­tion hub for start-ups, small busi­nesses and en­trepreneurs.

GSA al­ready of­fers 101 stu­dent beds at Uninest Broad­stone Hall in Dublin city cen­tre.

The com­pany ex­pects to pro­vide a fur­ther 491 beds at Ka­vanagh Court along with 400 beds at Uninest New Mill both of which are due to com­mence op­er­a­tions from this Septem­ber.

With prime yields for in­dus­trial prop­erty rang­ing from 5.25pc to 5.5pc, it is now vi­able to build space to lease, ac­cord­ing to the lat­est re­port from Sav­ills on Dublin’s in­dus­trial prop­erty mar­ket.

The re­port notes that the sup­ply to de­mand im­bal­ance in the mar­ket has led to in­dus­trial rents ris­ing sharply, with MSCI data re­veal­ing that rental growth rates have ac­cel­er­ated from 10.6pc to 10.9pc in the first three months of this year.

Ac­cord­ing to Sav­ills, head­line rents in Dublin now stand at €95 per sq m per an­num and are ex­pected to con­tinue ris­ing at a ro­bust rate through 2017.

Di­rec­tor of Re­search at Sav­ills Ire­land, John McCart­ney says: “While sell­ing prices would not yet jus­tify build­ing new in­dus­trial units for the owner oc­cu­pier mar­ket, fall­ing yields and ris­ing rents have led to spec­u­la­tive devel­op­ment for the rental mar­ket, par­tic­u­larly in North Dublin.”

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