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.
A fourth floor has been added to the ex-hotel block, near the Stillorgan Road entrance to UCD’s 330 acre campus, five kms the city centre.
It has 8,363 sq ft of commercial accommodation, occupied by Spar, Bank of Ireland and an Insomnia coffee shop and has 52 surface car parking spaces.
It’s close to full occupancy for the upcoming academic year, earning €2.69m from student rents, ranging from singles at €245 to €300 per week for a twin room, with all services inclusive.
Dublin has up to 6,000 student beds in the planning pipeline and just 9,000 purpose-built spaces already provided and, say Savills, “the Montrose is set to capitalise greatly on the projected growth in student numbers in a capital city where supply is at a critically low level.”
Details: Savills 01-6181300
© Irish Examiner Ltd. All rights reserved