Harrison Road has acquired Melbourn Level, a 342-bed intent-designed student lodging (PBSA) asset in Cork, Ireland.
Cork is house to two significant university systems—University Higher education Cork (UCC) and Munster Technological College (MTU)—which jointly attract approximately 37,000 whole-time students.
Melbourn Point is conveniently positioned across the avenue from MTU’s central campus. It is also just a 10-moment bus trip from UCC and a 15-moment bus ride from Cork’s city middle.
Completed forward of the 2021 educational calendar year and totally leased in its very first year, Melbourn Stage is made up of a device blend of 335 en-suite and 7 studio residences.
The completely-let house will be wholly owned by Harrison Street and managed by university student lodging operator Yugo.
Paul Bashir, Chief Govt Officer of Harrison Street’s European business, stated, “Cork is a lively, expanding town in Ireland and has found its student population broaden by 2.5 % each and every tutorial 12 months considering that 2018, yet it suffers from an undersupply of PBSA attributes. The powerful hireal desire Melbourn Point has garnered from college students throughout the metropolis reflects Cork students’ deep drive for significant-top quality, objective-developed student accommodation. Harrison Street is pleased to continue to supply significantly-needed modern housing to an underserved university sector, and we seem forward to pinpointing even more eye-catching opportunities and increasing our existence in the Irish university student housing current market for our investors and associates.”
Harrison Street’s practical experience in Eire includes investments throughout 11 PBSA assets with over 3,500 beds created to date in partnership with professional area developers and operators.
Following the acquisition of Melbourn Issue, Harrison Avenue is invested in 4 PBSA belongings in Cork.