Square Deal site in Cork bought for €5 million by student accommodation company

CORK City’s Square Deal site has been bought for about €5 million by an international student accommodation company, understood to be making its first foray into Ireland’s increasingly competitive student apartment market.

The sale via Savills is now likely to see planning permission sought for 200-300 student beds on Washington Street to meet enormous demand for purpose-built student accommodation in the city.

Interest in the profile property, part of which is protected, was also shown for hotel use, as offices, for private apartments and mixed uses, including residential with retail. However, most competitive interest came from those seeking to build student apartments, given the high levels of current and future demand: already, private companies control 2,300 student beds in Cork, and that number is set to double to meet UCC and CIT demand and a demographic bulge.