GSA and BAM Ireland have signed a €43 million contract for the development of Uninest Mill II, an additional residence being built next to GSA’s 400 bed flagship residence, Uninest New Mill, which is opening in September.
The construction of Uninest Mill II in Merchant’s Quay, Dublin, is expected to create approximately 250 jobs throughout construction, with a further five full-time positions becoming available upon completion in 2018.
The site, which received planning permission in July 2016, is well placed for students studying at Trinity College Dublin, Royal College of Surgeons in Ireland, and the Dublin Institute of Technology’s (“DIT”) City Centre campus, and will provide 296 beds from September 2018. The residence will offer a combination of ensuite cluster apartments and community spaces, while the ground floor is set to become a business incubation hub for start-ups, small businesses and entrepreneurs.
GSA’s Head of Construction Europe, Aaron Bailey, who manages GSA’s construction programme of more than 300 million euros in Dublin and Germany, said: “This is an exciting day for GSA, as securing this contract brings us even closer to our goal of delivering 5,000 additional student beds to Dublin by the end of 2021.
“We look forward to working closely with BAM Ireland for the duration of the project, ensuring that together we provide the community with a much-needed student residence on time and in budget”.
Luke Gibbons, Construction Director at BAM Ireland, said: “It is a real pleasure to collaborate with GSA to deliver top quality accommodation for Irish students. Having developed a great relationship on New Mill, we are delighted to be continuing our relationship with GSA on the new scheme adjacent to New Mill on Blackpitts Road. BAM is very proud to be involved in both of these purpose-built student accommodation developments in the heart of Dublin, which will provide essential bespoke accommodation in the city”.
Theo Cullinane, CEO at BAM Ireland, said: “BAM has forged an international reputation for undertaking and delivering complex and forward-thinking projects. This is why we’re partner of choice for some of Europe’s leading organisations, and we are very proud to be delivering this project for GSA”.
Speaking about the transaction, Michael Murray, Head of Construction and Development at Bank of Ireland Corporate Banking said: “Bank of Ireland is delighted to play a part in the ongoing success of GSA. This is the third GSA student scheme we’ve funded and will see total funding in the region of €70m and c. 800 student units delivered.
“GSA has a strong track record in this field and the latest development in Uninest Mill Street underscores our ongoing commitment to the student accommodation sector. Through our longstanding relationship, we have worked very closely with the GSA team to provide a bespoke funding solution. This transaction is the latest in a number of major financings we have completed over the last 24 months for many of Ireland’s leading names in real estate, and we look forward to continuing this support long into the future”.
GSA also continuously endeavours to contribute to the local community. During site planning, there was full consultation with local residents and the council, and discussions with universities about their needs in the city as their student populations grow.
Pictured above: Luke Gibbons, Construction Director at BAM Ireland (left) and Aaron Bailey Head of Construction Europe at GSA