Ziggurat to Invest €400m into Student Accommodation Development

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

Ziggurat Student Investment Fund Unit Trust, which already has student accommodation in Dublin, Cork and Edinburgh, is looking to create an additional 4,000 places split between Dublin, Cork and Galway.

According to the group, the development represents the next phase in their EUR 400m long term plan to create 4,000 student bed spaces across Ireland.

In order to achieve the latest step, the group is looking to raise nearly EUR 100m in capital investment.

The group argues that there is a severe lack of high quality student accommodation in Ireland, which is as a result of historic under investment and a growing university population.

Their most recent development will create 380 beds at the former H Textile premises located on Upper Dominic Street in Dublin, whilst a further 420 student accommodation units are planned adjacent to Dublin's Institute of Technology at Grangegorman. An additional scheme is also planned for Galway.

Earlier this week the company announced that it had acquired its first site in Cork. It's hoped that the former Esso Station on Western Road will be developed into a 205-bed student accommodation block, which could be opened to students as early as 2018 if planning permission is approved.

In total EUR 75m is being earmarked for projects in Cork, as the company looks to develop three or four other sites near UCC. The decision to invest around EUR 75m in the city is partly being attributed to Cork's reputation as a thriving city with a growing economy, and partly due to the prestigious international acclaim of University College Cork.

The company hopes that the latest round of investment will have a positive impact on the city and can contribute to alleviating pressure from the current housing shortage.