Ireland’s Elkstone Partners has made its first investment in Northern Ireland with the acquisition of a site on Belfast’s Bradbury Place.
The firm has bought 30-44 Bradbury Place, where it plans to build a £20m purpose-built student accommodation and retail scheme.
The scheme will provide 156 student beds and 3,900 sq ft of ground floor shops.
Ciarán McIntyre, chief commercial officer at Elkstone Partners, said: “Bradbury Place is an extremely exciting project to mark our entrance to the Northern Ireland market with a significant investment of international capital.
“Purpose-built student accommodation continues to be a fast-growing sector, and having seen activity surge across Ireland and the UK in recent years, we identified Bradbury Place as an opportunity to develop this market in Northern Ireland.
“The development of this site, which will be ready to welcome students for the autumn 2022 term, will significantly enhance the student accommodation offering in Belfast, particularly in the popular Queen’s Quarter of the city.”
While the acquisition is Elkstone’s first in Northern Ireland, the scheme will not be its first foray into student property. The firm has been involved in the planning, construction and operation of more than 2,000 beds across the UK and Ireland.
McIntyre said: “Purpose-built student accommodation has been a key strand of our real estate investment strategy for a number of years, and with clear demand for such accommodation in Belfast we are certainly keen to explore further opportunities.”
Scottish developer Rojem Properties had been trying to redevelop the site since 2016, when it submitted plans to create a mixed-use seven- and 12-storey development comprising 267 student beds, which were rejected by Belfast City Council. Plans for this latest five- and six-storey development were given the go-ahead in January 2019.
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