A Bain Capital backed firm is to lodge plans for 439 purpose built student bed spaces for the former Smurfit Paper Mills site at Clonskeagh in Dublin 6.
In the planning application, Bain Capital vehicle, Harley Issuer DAC is seeking planning permission for the beds across five blocks from one storey to part seven storeys along with 16 apartments.
The Large Scale Residential Development (LRD) also includes the extension and renovation of 14 existing homes at Clonskeagh Road.
In lodging the Purpose Built Student Accommodation (PBSA) plans, the firm is looking to tap into the lucrative market for student housing in south Dublin.
The 2023/2024 annual report by University College Dublin (UCD) shows it generated €42.8 million in ‘rental income from student residences on campus’ in the 12 months to the end of September last.
The planned scheme is 1km north-west of UCD’s Belfield campus, and a report with the application states that excluding overseas students, the total UCD student population is currently 37,899.
The new LRD plan supersedes a permitted five apartment scheme for the site where planning permission is due to expire in June of this year.
An accompanying planning report by consultant, John Spain, states that “the scale of the proposed development is considered to integrate appropriately with its surroundings, whilst introducing increased height”.
Mr Spain also states that the proposal constitutes” the sustainable development of these underutilised lands and will enhance the appearance of the site”.
The Spain report states that the proposed PBSA scheme, which will provide 439 purpose built student bedspaces “will fulfil an identified need for student accommodation for UCD”.
The planning report adds that the scheme “represents a suitable form, design and scale of development for this strategically located underutilised site, which will provide for an effective and efficient use of this site which is highly accessible and well served by public transport”.
In a separate “Student Accommodation Demand, Concentration and Justification Report” by John Spain Associates, it states that the provision of a purpose-built and managed student accommodation scheme “will accommodate some of the student population currently living in privately rented accommodation in the area in the new development”.
