Bain Capital seeks planning for student accommodation at former Smurfit Paper Mills site
In the planning application, Bain Capital vehicle, Harley Issuer DAC is seeking planning permission for the 439 bed spaces across five blocks from one storey to part seven storeys along with 16 residential apartments.
The Large Scale Residential Development also includes the extension and renovation of 14 existing residential dwellings at Clonskeagh Road.
In lodging the Purpose Built Student Accommodation plans the firm is looking to tap into the lucrative market of student accommodation provision in south Dublin.
The 2023/2024 annual report by the market leader in the south Dublin sector, University College Dublin shows that 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 main campus at Belfield, 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 consultants, 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 said 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 states 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".
The planning report said that the provision of a PBSA development will also promote "urban consolidation and increase building heights in an appropriate location close to major universities that is well served by quality public transport".
In a separate Student Accommodation Demand, Concentration and Justification Report 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".
The report states that the provision of purpose-built student accommodation will have significant benefits in terms of freeing up existing housing, and this will make an important contribution to meeting the existing significant demand for housing in the city.
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