Dublin-based investment firm Elkstone has announced plans for a third student accommodation scheme in Belfast.
The company has submitted a bid for a new build 870-unit residential student development at the Murray Exchange site, located between Sandy Row and Belfast’s new Grand Central Station.
It comes as Elkstone prepares to open its new 156-room purpose built student accommodation (PBSA) development in nearby Bradbury Place.
The £20 million scheme is currently advertising rooms ranging between £165 and £350 per week.
In May 2024, the Dublin-based firm launched a bid for a 850-unit PBSA scheme in a former office building on Corporation Street.
The next phase of Elkstone’s Belfast plans involves a site at the corner of Durham Street and Linfield Road.
The listed Murray’s Exchange building was originally built in 1900 as an administration block for Murray’s Tobacco business.
It was most recently refurbished and extended in 2011, a scheme that earned a coveted RICS award.
A spokesperson for Elkstone confirmed its development site includes the Murray’s Exchange building.
It’s understood the office and its listed element, will be incorporated into the student accommodation proposal in some form.
Elkstone said the scheme will feature clusters of rooms, with a gym, cinema room and study room set to feature in its proposals.
The company’s co-founder Ciarán McIntyre said: “Whilst Murray’s Exchange was constructed in 1900, a large part of the site has laid vacant for almost 20 years.
“Our plans to develop a PBSA scheme would not only assist in bolstering the supply of much needed student beds in the city but would also assist in revitalising the rich history of the development site.
“With the adjacent transport hub at Grand Central Station set to bring a new dimension to the area, the PBSA scheme will deliver a wide range of economic and community benefits, including increased footfall, more employment opportunities, and enhanced activity for surrounding businesses.”
