Cork student apartment site acquired by global investors for €10.3 million

Development set to open in September 2022

The student apartment development on Cork's Bandon Road.

A real estate investment firm has acquired the student apartment development site on Cork's Bandon Road for €10.3m

Funds advised by Round Hill Capital and NBK Capital have acquired a 1.5-acre freehold site where up to 412 student beds will be developed with additional opportunity for an adjoining site offering a further 142 beds, subject to planning.

It is the fourth investment Round Hill Capital has made in the student accommodation sector as part of its joint venture with NBK Capital, taking its current portfolio to almost 1,350 beds under development.

Construction is underway on the Bandon Road development that will overlook The Lough and it is planned to be ready for occupation in September 2022.

Nido Student will manage the development, an established operational platform and brand for European student accommodation. 

Michael Bickford, Founder and CEO at Round Hill Capital, said the development is exceptionally well-located, within a five-minute walk to University College Cork, and close to Cork city centre. 

"We appreciate that areas of the student and residential housing markets in Ireland suffer from structural supply and demand imbalances and we look forward to helping alleviate these pressures and further expanding Round Hill Capital’s business in Ireland and across Europe.” 

John Vaudin, Managing Director at Round Hill Capital (Ireland), said: “There is a critical need for more purpose-built student accommodation in the Irish market and this development in Cork will help to meet that need. We have designed an attractive and modern building with high-quality services and amenities that will regenerate a disused site into a vibrant home for students."

Round Hill Capital’s other existing investments in Cork include a 145-bed development on Farranlea Road and a 275-bed development at Washington Street, also under construction. Round Hill Capital also acquired a 368-bed development in The Liberties in Dublin earlier this year.

The Farranlea Road scheme is now called Curraheen Point which recently achieved practical completion with the first students now in occupation. Development facilities include 24-hour security, bike storage, 200Mbps WiFi and year-round events for residents.