McAleer & Rushe has signed a forward funding development agreement with Threesixty Developments to deliver a 374-bedroom student housing scheme in Summerhill Dublin, for the academic year 2018.
Cookstown-based McAleer & Rushe recently secured planning permission from Dublin City Council, for the former industrial site and plans to commence works on site later this summer. The scheme which rises to seven-storeys has an estimated gross development value of over €40m. It boasts generous amenity provision, ancillary retail, external landscaping and a large protected roof terrace with a range of semi-private seating areas.
McAleer & Rushe, a relatively new entrant to the student housing sector, has rapidly become a major player. Within three years of entering the sector it has now built or is contracted to build or develop around 5,000 rooms in the UK and Ireland. Earlier this month it signed an agreement with Queen’s University to provide 1,200 student beds in Belfast at two of its prime city centre sites, in a deal worth in excess of £70m. McAleer & Rushe is currently also working with Threesixty Developments on building student housing schemes for it in Southampton and Portsmouth. Threesixty Developments was formerly known as Knightsbridge Student Housing.
McAleer & Rushe’s Graham Mitchell, who leads on student housing projects for the firm said:
“This latest development deal, coming so soon on the back of other major announcements reinforces our solid reputation in the student sector and further strengthens our partnership with Threesixty Developments which is built on the firm foundations of successfully working together in Southampton and Portsmouth. Threesixty Developments has an enviable track record and we’re pleased to be working with such an experienced and dynamic team. With almost 1,800 rooms now contracted and under construction with Threesixty Developments already, we look forward to many other construction and development partnership opportunities in the future.”
Bob Crompton, CEO of Threesixty Developments Ltd, said:
“We are delighted that our partner McAleer & Rushe has been able to assist us in our European expansion. Summerhill is a great scheme which helps address a serious deficit in quality student housing provision in Dublin and will be a very welcome addition to our growing presence in this strategically important and undersupplied City. The professionalism of McAleer & Rushe is amply demonstrated not only in the efficiency of its designs but also in how smoothly the planning consent was achieved.”
Urban Innovations in Belfast are Architects on the scheme and the Planning Consultants are Declan Brassil & Company, based in Dublin. McAleer & Rushe is also currently close to completing the transformation an O’Connell Street, Dublin office building, Findlater House into a Holiday Inn Express Hotel for Sunil Joginpally. The Dublin hotel is set to open in the Spring.