Elkstone, an investment company, has partnered with property management firm Harrison Street to construct a student housing facility in Galway City with 345 beds. This significant investment is the first of several planned in this region, with a vision to furnish Ireland with around 1,500 student bed spaces by 2028. Previously, the company had constructed a project in Dublin’s Stoneybatter area that yielded 142 student beds.
Expected to finish in 2026, this Galway initiative located at Queen Street is made possible by a €75 million investment from the Ireland Strategic Investment Fund (ISIF). This eight-floor construction will encompass features such as a gym, study zones, bike storage, a cinema room, and a 24/7 reception. The building is strategically placed near Ceannt train station and a 15-minute stroll from the University of Galway.
Elkstone aims to use this project as a platform to contribute to Ireland’s infrastructure. According to Ciaran McIntyre, Co-Founder and Head of Real Estate at Elkstone, the goal is to connect meaningful projects with real capital. The firm also seeks to allow local Irish investors the chance to join forces with international giants like Harrison Street to develop sustainable, quality student accommodation.
Managing a property portfolio worth €2 billion and having delivered over 3,200 properties, this project marks a significant uptick in Elkstone’s market activity. The company has ongoing projects in cities across Ireland, including Dublin, Cork, Limerick, Belfast, and Galway and closely collaborates with the Land Development Agency (LDA).
Despite having delivered close to 100 student beds in Galway, the shortage of student accommodation in the city provides yet more opportunities for investment. Harrison Street’s European Chief Executive, Paul Bashir, noted that this development symbolises a significant expansion in student housing aiming to satisfy increasing demand in one of Ireland’s largest student markets. He also expressed his pride in extending their collaboration with Elkstone in augmenting quality student accommodation in undersupplied regions.
Monami Construction has been commissioned as the principal contractor for the Queen Street venture, with the property management being handled by Mezzino. The financial backing for this development is coming from Activate Capital.
Nick Ashmore, the director of ISIF, stated that this illustrated their successful collaborative investment strategy. He emphasised the capacity of ISIF to serve as a dynamo in drawing global capital investment to boost the construction of fresh accommodation in Ireland’s top cities.
ISIF announced a collaboration with Harrison Street in 2023 with the aim of enhancing the availability of student housing in regional areas to address student housing demands and propel the expansion of universities in Ireland.
Ashmore added that this project was part of ISIF’s ambitious programme worth €500 million to rejuvenate Ireland’s five regional cities. This also contributes positively towards their goal of delivering in excess of 25,000 new homes by 2030.