Business

Dublin investment firm launches bid for 850-unit Belfast student accommodation scheme

Elkstone Partners’ Corporation Street project could be city’s largest PBSA project to date

The office building at 39 Corporation Street, which could become Belfast's latest student accommodation scheme under a proposal from Elkstone Partners.
The office building at 39 Corporation Street, which could become Belfast's latest student accommodation scheme under a proposal from Elkstone Partners.
By Ryan McAleer

Dublin-based investment firm Elkstone Partners has announced a bid to develop one of the largest student accommodation schemes to date in Belfast.

The company will seek permission to build 850 purpose-built student accommodation (PBSA) units on the site of 39 Corporation Street, an office building next to Royal Mail headquarters and M3 Lagan Bridge.

The former Allstate offices were more recently leased to the Department for Communities and had been used as the jobs and benefits office for north Belfast.

Elkstone said the offices are now unoccupied.

The announcement comes as the Dublin-based investment firm nears completion on a 156-unit student scheme at Bradbury Place, close to Queen’s University.

The new development, which has been built over the railway line, is due to open in the summer.

Elkstone’s next target is a scheme close to Ulster University’s new city centre campus at York Street.

A number of new accommodation blocks have already been built in the area, with additional projects at various stages of development.

A 774-unit scheme is due to open next to the York Street Interchange in September, while work is ongoing on an 11 storey PBSA on the corner of York Street and Frederick Street.

Lotus Property is on site on a 724-unit student accommodation project over on Donegall Street.

The office building at 39 Corporation Street, which could become Belfast's latest student accommodation scheme under a proposal from Elkstone Partners.
The office building at 39 Corporation Street, which could become Belfast's latest student accommodation scheme under a proposal from Elkstone Partners.

An even larger student accommodation scheme could be developed in Belfast’s Titanic Quarter.

An application has been submitted for a 385,000 sq ft development, that could house 1,007 beds across four blocks.

A report from Lambert Smith Hampton in March said 5,040 student accommodation units had been built in Belfast across 12 schemes since 2016.

At the time of the research, 1,237 student beds were nearing completion, with a further 3,773 units in planning.

The continued investment in the sector followed a university led submission to Belfast City Council that claimed 6,000 additional student rooms were needed in Belfast by 2030.

Elkstone Partners co-founder Ciarán McIntyre, said: “Located a short walk from the Ulster University campus, the development of 39 Corporation Street would deliver significant regeneration and vibrancy to an under-utilised city centre area steeped in tradition and full of potential.

“It represents a major investment that will deliver very tangible economic benefits, generating increased footfall and economic activity that businesses will welcome.

“The 39 Corporation Street scheme would assist in meeting the future vision of a higher density city centre whilst being sensitive to the provision of appropriate and useable external amenity spaces.”