Montrose student digs on for €41m

A just-redeveloped former three star hotel, converted to student apartments on Dublin’s N11 Stillorgan Road, has been put to the investment market, guiding excess €41.5m.

The former Montrose Hotel, now the Montrose Student Residence, is said by agents Savills to be the first purpose-built student residence investment to come for sale in the capital.

It promises a return of 5.5%, with forecasted rent roll of c €2.91 million pa, partly from its commercial element (earning €200,000 pa) and from its 205 en suite student bedrooms.