Thesis
With 68% of the world population projected to live in urban areas by 2050, there is a pressing need for more lower-cost and affordable housing. And while the UK’s development of student housing has slowed, demand continues to rise.
Belfast is home to almost 38,500 students, however around 80% of this total do not have access to purpose-built student accommodation (PBSA), creating a pressing need for housing.
Investment
In Q3 2022, Bridges partnered with private real estate developer ROK Property to acquire and transform a derelict site in Belfast into high-quality, sustainable student accommodation.
The site, which is located by York Street and Frederick Street to the north of Belfast City Centre, previously housed retail and office buildings but is currently in a state of disrepair. Bridges and ROK Property have received planning permission to create a new development with 307 student bedrooms across eleven floors.
Outcomes
The scheme will provide 307 student bedrooms across eleven floors, directly addressing the current undersupply of student accommodation. The derelict site will be transformed into high-quality, sustainable units, designed with well-being features in mind.
The development is part of a broader effort to regenerate the surrounding area in Belfast, for example the brand new £350m Ulster University Campus is situated directly opposite.
