A newly acquired student accommodation block at Copley Street in Cork city centre is to be enlarged and upgraded by the Irish-owned company Hatch Student Living.
A €25 million investment package will be used to double the bed numbers to more than 250, as well as provide a gym, laundry, student spaces and communal lounges. The additional introduction of smart online platforms is expected to have a broad appeal among the students.
Hatch Student Living invests in the refurbishment of older properties and manages 230 student beds in Cork and Carlow. The company is focused on providing additional accommodation to meet the planned expansion in student numbers over the coming years.
Supported by investors Elkstone Capital, Hatch Student Living is fully funded to acquire additional properties either out of receivership or by persuading multiple owners to collectively sell their units.
Robert McNally, joint managing director, said the company was committed to filling the gap in student accommodation outside Dublin. It plans to focus on the demand in Cork, Galway and Limerick as well as regional IT centres around the country.
“Third-level student enrolment numbers in Ireland have grown steadily,” he said, “and we see opportunities to provide high-quality accommodation to students by bringing existing student accommodation blocks up to modern standards and increasing bed numbers”.
Hatch Student Living was founded in 2016 by Robert McNally and Richard Brierley. Both have extensive experience in the student accommodation sector in Ireland and the United Kingdom.