INVESTMENT HIGHLIGHTS
- The property is located in Dublin 8, an area that is seeing important development and regeneration in close proximity to Dublin main amenities. Dublin has a noticeable shortage of co-living facilities with an increased demand of professionals and students both domestic and international for flexible living options.
- The development will provide a full suite of services and amenities for guests that will include Co-Working space, F&B and guests amenities. GIA of 73,702 sqft and NIA of 51,406 sqft. Distribution of areas on NIA basis is as follows: Co-Living 77%, Co-Working 8% and F&B and amenities 15%.
- In terms of SoA, the property will feature a total of 213 units with a blend of studios and premium rooms. The long-term stay scheme will feature 69 units with a minimum of 3 months while the short-term scheme will feature 144 units.
- Estimated GDV of €63m, based on a gross yield of 5.78% (CBRE Valuation). Land price of €11.8m. Total unlevered development costs, including land, construction and other costs, equate to £45m (40% profit on cost). Planning for the development has been secured; the 43 month project timeline consist of 31 months of development followed by 12 months of operations until stabilisation.
- The Sponsor has recently has already acquired the land and development has already started and is looking for a stretched senior / whole loan development facility that will sit first charge. The Sponsor is contributing with its own equity for the remaining of the capital stack.
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