UCD Montrose student residences in Dublin are being put up for sale for €41.5m.
Savills is selling the property, which is located on the site of the former Montrose Hotel on the Stillorgan Rd, on behalf of Ziggurat Student Living.
The accommodation scheme – which services some of the 32,000 UCD student population – as well as the accompanying commercial accommodation, has a gross annual rental income of around €2.91m.
The site has been re-developed to provide student accommodation over five floors as well as commercial space at ground floor level.
It encompasses 205 en-suite student bedrooms, including a two-bedroom penthouse apartment on the newly developed fourth floor, along with 777 sq m of commercial accommodation and 52 surface car parking spaces.
The main redevelopment was completed in October 2014 and an additional fourth floor subsequently added.
The student accommodation rooms are configured typically for clusters of eight rooms with a communal kitchen.
All bedrooms benefit from a high specification including ¾ sized beds, en-suite bathrooms and a desk.
The bedrooms are rented on an all-inclusive basis, encompassing all utility bills and 30mb broadband and WiFi in all rooms and communal areas.
Classic bedrooms currently let for a rent of €245 per week, superior bedrooms for €275 per week, and twin bedrooms for €300 per week.
The commercial accommodation is currently producing an overall annual income of around €220,000.
