Cairn Homes, the Dublin-listed homebuilder, has received approval from An Board Pleanála for a development comprising 130 residential apartments and 179 student accommodation units in Stillorgan, south Dublin.
The student units will comprise 576 beds, a gym, study spaces, communal lounges as well as 907sq m of retail and restaurant space and a 297sq m community sports hall in Stillorgan village.
This approval follows on from the planning permission granted to Cairn in recent weeks for the development of student accommodation in Cork Street, Dublin 8, where the company plans to construct 90 student units comprising 399 beds, a gym, study spaces and communal lounges.
"There is a huge supply/demand imbalance for student accommodation which creates difficulties for parents to source and pay for suitable accommodation for their sons and daughters attending third level in the capital," said Cairn chief commercial officer Kevin Stanley.
Cairn, which, in 2015, became the first Irish homebuilder to float on the stock market in almost two decades, said earlier this month that it swung into a pretax profit of €6 million last year from a €2.8 million loss for 2016, aided by the sale of 418 new homes at an average of €315,000 each.