Elkstone has announced the completion of its Queen Street Place purpose-built student accommodation (PBSA) development located in the heart of Galway City Centre. This facility marks the first of two PBSA projects that Elkstone is undertaking in Galway, signalling a significant investment in the area to support the growing population of students.
Project Overview
Queen Street Place will feature a total of 345 beds, contributing significantly to the local student housing market. Elkstone is also progressing with its second scheme, known as Westside, which will add another 240 student beds, bringing the total investment in Galway’s student accommodation to approximately 585 beds. The combined investment for these developments is around €100 million, highlighting Elkstone’s commitment to enhancing the student living experience in Galway. The eight-storey building is set to welcome students in September 2026, while the Westside scheme is scheduled for completion by September 2027.
Strategic Importance
The completion of Queen Street Place aligns with Elkstone’s broader strategy to deploy institutional capital on a large scale to tackle Ireland’s pressing housing shortages. This initiative is supported by a robust €2 billion development pipeline and a growing portfolio that encompasses over 3,200 properties across the island. The development’s design adheres to the highest sustainability standards, achieving an A energy rating, which is critical in today’s environmentally conscious market.
Facilities and Amenities
Queen Street Place is not just about quantity; it also focuses on quality. The building is equipped with a range of modern amenities designed to provide students with a comfortable and engaging living environment. These include a wellness hub featuring a gym and fitness studio, landscaped rooftop terraces, a cinema room, dedicated study areas, and a fully manned 24/7 reception. Additional conveniences such as bicycle storage, a students’ lounge, and facilities for parcel and laundry services are also available. The location is particularly advantageous, being within walking distance of the University of Galway, Ceannt Train Station, and Eyre Square, making it an ideal choice for students.
Addressing Housing Challenges
Queen Street Place responds to one of Ireland’s most significant challenges: the acute shortage of student accommodation which has severely impacted the wider rental market. With nearly 13,000 undergraduates attending the University of Galway and Atlantic Technological University, and fewer than 6,000 student beds available, the pressure on the local housing market has intensified. This situation has led to families and young professionals facing displacement as they compete for a limited supply of homes with students.
Elkstone’s Vision
Elkstone’s portfolio, which currently includes over 3,200 properties, has seen more than 1,500 units secured through planning in the last two years alone. The company aims to forge strategic partnerships, such as with the Land Development Agency and various international capital partners, to bolster its ambitions. Through its sustainable development approach and significant investment initiatives, Elkstone is poised to become one of Ireland’s most impactful developers, playing a vital role in addressing the country’s pressing housing supply issues.