By Donal Buckley

Copyright independent

Located on 0.4 acres on Amiens Street, near the IFSC, it received planning permission in July this year for the building, which can range in height from six to nine storeys over a lower ground floor.

Knight Frank declined to comment on the vendor other than to say it was a private vendor, but earlier in the year The Sunday Times reported that the planning application was made by Sea Strand Properties, in which Galway businessman John Sweeney was involved.

Mr Sweeney is also known for his involvement in a consortium which owned Dublin’s Shelbourne Hotel at one time.

In terms of student demand, the site is about 1km from Trinity College Dublin and is even closer to the National College of Ireland in North Docklands.

It is also about 1.8km from TU Dublin’s Grangegorman Campus, which has a total student population of about 30,000. Furthermore, DCU’s St Patrick’s Campus and All Hallows Campus are both within 2km.

According to a recent report, the number of Irish-domiciled full-time students has risen by 7pc during the last five years, while international student numbers have increased by 36pc.

Looking ahead, the number of 18 to 25-year-olds across Ireland is forecast to increase by around 80,000 by 2034. Furthermore national student bed demand is expected to exceed 115,000 by 2034/35, and with current supply of 47,000 this would leave a 68,000-bed gap.

Additionally with strong rents and less government interference, the sector has also attracted investor interest.

The planning permission for the Amiens Street site also allows for the scheme to be used for short-term tourist accommodation outside of academic term times and its accommodation could appeal to tourist and summer visitors as the site is convenient to Croke Park and – with the Dart– the Aviva Stadium.

Temple Bar is also within 1.2km, providing a wide range of bars, restaurants and cultural institutions.

Furthermore, the 3Arena, Bord Gáis Energy Theatre and numerous city centre amenities, are all within walking distance.

The bedspaces will comprise 204 single bedrooms including 13 accessible bedrooms, within 27 cluster-model units and 21 twin-studio units incorporating 42 bedspaces, all with en suites and shared kitchen/living/dining areas.

Internal communal amenity spaces and services are provided for at lower ground and ground-floor levels, including study areas, gym, cinema room, communal/games area, laundry and storage areas, management offices and stores/service areas.

A cafe is provided for at ground-floor level, fronting on to Amiens Street.