An Exceptional Student / Aparthotel Accommodation Investment Opportunity - Amazon S3
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An Exceptional Student / Aparthotel Accommodation Investment Opportunity
INVESTMENT OPPORTUNITY
contents
SECTION 1 - INTRODUCTION
Swuite - The Next Level in Student Living for Ireland 4
The Market 6
Bed Space Supply and Demand 8
SECTION 2 - DEVELOPMENT
Location of Swuite Bohermore 9
Aparthotel 10
Galway: A Few Facts 12
The Building 14
Quality 17
Facilities and Fit-out 18
Suite Types and Layouts 22
Building Floor Plans 24
SECTION 3 - INVESTMENT
Investment: Sale & Leaseback 26
Payments Schedule 27
5.5%
NET ANNUAL
Sale & Lease Back of high quality aparthotel
and student accommodation at a net annual
Investment Timeline
Pre-Emption Rights
28
31
Management Company 32
RENTAL RETURN rental return of 5.5% in Galway City Centre.
FAQ’s 34
3
The Next Level in Student Living in Ireland
SECTION 1 - INTRODUCTION and terrace areas. Our generous size rooms cater for single occupancy (during
the academic year) and are all fitted out with private ensuite bathrooms, ample
wardrobe and under-bed storage, a double bed and kitchenette. Dedicated
universal access suites are also available.
Following extensive market research on the student accommodation market in Ireland, UK and mainland
Europe Iveragh Group has developed a unique brand that combines the pleasantness of ‘sweet’ with The facility is close to the city centre and all third level institutions in Galway
the homeliness of an apartment ‘suite’ to create the brand ‘swuite’. The brand has been developed so city and will have a special appeal to international students looking to study and
that all of our residents can avail of the highest quality living and at affordable rates while also delivering reside in secure high quality accommodation. During the summer months’ the
assured yield generation to our investors. facility will act as an aparthotel in order to satisfy the huge demand for hotel
beds in the Galway city area. The facility is within walking distance of the city
Iveragh Group is actively developing the swuite brand in Dublin and Galway and in 2017 will have centre and all the city’s main attractions.
216 beds under construction. Swuite Bohermore, Galway is an innovative development designed
to address the need for high quality student and self-catering holiday let units in the city. Swuite will To help ensure that all of our residents have an enjoyable stay at Swuite
also manage and operate each of our residences to the same high standards all year around. Swuite Bohermore our on-site Operations Manager and the house management
is dedicated to designing, developing and delivering the very finest student and aparthotel residences team are trained to assist in meeting our resident’s needs. Our reception is
in Ireland. managed during office hours after which our live-in manager takes over to
ensure our residence is secure and our residents safe.
This boutique style facility offers high quality and professionally managed aparthotel and student
apartments and ancillary facilities specifically designed for use by undergraduates, post graduates, visiting Investors will enjoy the benefit of a fully managed investment in a
academics and visitors. It comprises 77 self-contained units over 4 floors in the attractive residential luxury purpose built aparthotel / student accommodation in the
area of Bohermore. The suites are provided fully serviced offering comfort, security and luxury of a heart of Galway city. Swuite Bohermore will quickly achieve full
fully furnished room whilst also benefitting from community living in the shared common / social spaces occupancy and deliver stable rental returns.
4 5
Current & Projected Student Numbers
The Market 2014 167,991
There has been unprecedented growth in participation in higher education in recent years and this is set to continue based on projections
in the ‘Report on Student Accommodation: Demand and Supply’ published by the Department of Education and Skills. These projections 2019 179,840
estimate that demand will increase from nearly 168,000 students in 2014 to nearly 193,000 students in 2024. This increased demand
places pressure on existing infrastructure including an increasing demand for suitable student accommodation. The rapid populations
growth in Irish cities has created a situation where there is fierce competition for space to live in Dublin and in other cities that host third 2024 192,886
level educational institutions throughout the country.
The Higher Education Authority (HEA) has estimated that Sector: Pathways to Secure Occupancy and Affordable Supply,
25,000 new beds for students are needed nationwide and the which was published in May 2015, highlights the fact that
Union of Students in Ireland (USI) has stated that the current nationally about 305,000 households (19%) are renting from
lack of accommodation has forced some students to drop out a private landlord and the percentage of households renting is
of college and has led to a host of negative situations among considerably higher in Galway at 40% and Dublin at 34%.
students who do manage to stay in college. These include taking
on unaffordable leases, sleeping on friend’s couches or in poor Given the rent increases that have occurred in recent years, the low
quality accommodation and commuting from other counties to supply of stock and the level of student households in the private
study in Dublin. rented sector and the projected increase in student numbers over
the coming years, it can be argued that an increased provision of
The demand for student accommodation impacts particularly on designated student accommodation, both on and off campus, has
the private rental market and the trends in that sector are reported the potential, in the medium to long term to ease ongoing demand
in a recent Daft.ie Rental Report which shows that rental costs are pressures in the private rented accommodation sector. This could
increasing and particularly so in Galway and Dublin. potentially deliver real benefits for renters in the larger urban areas
of Galway, Dublin and Cork.
The most recent report from the National Economic and Social
Council (NESC) on the private rental sector (Ireland’s Rental
International Students
The Government’s International Education Strategy ‘Investing in Global Relationships’ 2010-2015* included
a number of targets to increase international students in higher education institutions and these have already
been achieved. The availability of purpose built student accommodation on or off campus is a prerequisite
for attracting new overseas students. In a recent report the Higher Education Institutions (HEI) stated that
international students, at the time of recruitment, demand guaranteed accommodation for at least the first
year. The projected increases in international students will put further pressure on availability of student
accommodation for domestic students.
* Source: HTTPS://www.education.ie/en/Publications/Policy-Reports/Ireland-s-International-Education-Strategy-2010-201-Investing-in-Global-Relationships.pdf
6 7
Bed Space Supply and Demand SECTION 2 - DEVELOPMENT
Evidence suggests that students are having difficulty in sourcing accommodation in close proximity to their campus,
particularly in large urban areas. The current demand for student bed spaces in both HEIs and private, is estimated
to be just over 57,100 (public and private).
Location of Swuite Bohermore
Future bed space development is based on data submitted by HEIs as well as an estimate of private off-campus
projects. The projected bed space development would result in total available beds of 39,696 in 2019 and 43,496
in 2024 as illustrated in chart below (including private)
Galway City Centre
2014 2019 2024 1. NUIG Campus
1
2. GMIT Campus
2
Available Beds 31,296 39,696 43,496 3. University Hospital
3 4. Eyre Square, City Centre
Demand for Beds 57,104 62,855 68,679
4
SHORTAGE 25,808 23,159 25,182
The demand for student accommodation currently outstrips supply and this trend continues to 2024. It is estimated
that there is currently an unmet demand of about 25,000 bed spaces which has a significant impact on the private
rental market.
The property is located off Sean Mulvoy Road and Bohermore and make up approximately 20% of the population in Galway and are
is adjacent to Joyce Roundabout at Cemetery Cross. It is within an essential part of Galway life adding energy and colour to the
walking distance of the City Centre and almost equal distance city. The seaside resort of Salthill is always popular with residents
between Galway University and University Hospital to the west and visitors and is within an easy access via bicycle, car or on
and GMIT Campus to the east. Galway shopping centre is only a public transport. Galway is a main node point on the popular Wild
five-minute walk. Atlantic Way and Swuite Bohermore will be a focal point on this
journey offering secure bicycle and underground car parking.
Bohermore has a mix of commercial, residential and public
amenity and is dominated by low rise (predominantly two storey)
residential and off street multi-storey apartment complexes.
Galway Sportsground and Galway Hibernian Soccer Club grounds
are close to the property. Galway Shopping Centre also includes Transport
a multiplex cinema and other recreational amenities. This area is
one of the main shopping precincts in Galway. The Bohermore area of Galway is server by a number of bus
routes. Bus Lines 2e, 3, 9, 12 and 20 run close by and all public
Source: http://trinitynews.ie/irelands-student-accomodation/ Galway really is a university city, with the NUIG campus being bus routes intersect close to our facility. Galway mainline train
http://www.hea.ie/sites/default/files/student_accommodation_report_310815.pdf
http://www.daft.ie/report/q1-2015-daft-rental-report.pdf located in the heart of the city centre with all amenities on its station in the city centre is also within walking distance of Swuite
http://files.nesc.ie/nesc_reports/en/141_Irelands_Rental_Sector_MainReport.pdf
HTTPS://www.education.ie/en/Publications/Policy-Reports/Ireland-s-International-Education-Strategy-2010-201-
doorstep and within walking distance. It is a vibrant place with a Bohermore. A national bus service also operates from a depot
Investing in-Global-Relationships.pdf year-long programme of cultural and sporting festivals. Students near to the train station.
http://www.failteireland.ie/FailteIreland/media/WebsiteStructure/Documents/3_Research_Insights/2_Regional_
SurveysReports/Analysis-of-Visitor-Accommodation-in-Dublin-2015-20.pdf?ext=.pdf
8 9
Aparthotel Rental Schedule
Summer lettings provides additional low cost bed accommodation for incoming tourists. Separately there are other students
seeking shorter term durations such as incoming Erasmus students. Private language schools would further impact on
demand.
January February March April
A Failte Ireland report states ‘The demand for Irish tourism services was buoyant in 2014 and 2015 aided by a benign
economic environment. Thus, the tourism sector in Ireland has returned to positive growth, and a number of key factors Student Student Student Student
have contributed to this. These include the recent return to overall economic growth in Ireland, and in key overseas tourism
markets, as well as trends in exchange rate movements and inflation that have enhanced price competitiveness’.
May June July August
Student Aparthotel Aparthotel Aparthotel
Why Choose an Aparthotel? September October November December
Student Student Student Student
Whether you travel often or infrequently it makes sense to know about all the different options for accommodation, many
experienced travellers find themselves returning to aparthotels as they combine the best parts of a hotel with a luxury
apartment. Your swuite will be outfitted with a kitchenette, living space and double bed to make it really feel like a home
away from home.
The benefits of an aparthotel are plentiful, including:
• Travellers for business or leisure find constantly eating out to be too expensive or too monotonous, especially when
Marketing the Aparthotel
travelling alone, and so they would rather have a fully equipped kitchen to cook in
• Families with children are looking for all the comforts of home, in a place where everyone can have a separate room as
well as shared space
• Colleagues or friends travelling together require their own bedrooms as well as lounge and kitchen areas with the benefit Swuite Bohermore will be extensively advertised and marketed through social media and booking
of additional communal spaces to meet up in the evenings engine websites to complement www.swuite.com and its booking engine. The many events and
festivals that are hosted in Galway including the Galway Races, Galway Arts Festival and the Oyster
• An aparthotel will afford you the space to spread out along with the essentials for longer stays such as laundry facilities
Festival will be well served by Swuite Bohermore. Cycle tourism along the Wild Atlantic Way will be
• Serviced apartments are more cost-effective than a luxury hotel over the longer term. a very important market for the aparthotel accommodation.
10 11
Galway: A Few Facts Education Hub
• NUIG is internationally recognised for its excellence, and is counted among the Top 2% of universities
worldwide. In the past five years, NUI Galway has been the only university in Ireland to rise consistently in
the most competitive World University Rankings. Both the QS and Times Higher Education Rankings have
placed the University in a higher position year-on-year.
• In 2015 NUIG outperformed other Irish universities by securing the highest amount of funding during the first
nine months of the EU’s Horizon 2020 funding programme.
• In May 2016, NUIG and the Gate Theatre announced a partnership to digitise the Gate’s archive, a major
resource of theatre scholars and artists internationally.
• Four outstanding researchers at NUIG have been ranked among the ‘World’s Most Influential Scientific
Minds: 2015.
• GMIT is regarded for its increased technical knowledge and skills which are recognised as essential
prerequisites for further economic growth as was the promotion of innovation and enterprise. The Mulcahy
Report recommended that the Regional Technical College in Galway be designated as the main centre
outside Dublin for both craft and management education and training for the hotel industry.
• In a recent publication, ‘Report on Student Accommodation: Demand and Supply’ the Higher Education
Authority reported ‘it is estimated that there is an unmet demand of about 25,000 bed spaces which has
a significant impact on the private rental market’. The publication reported that in the main urban areas of
Dublin and Galway the availability of accommodation in proximity to a campus is a prerequisite for attracting
overseas students.
Galway City Experience
• Galway has been designated European Capital of Culture 2020, beating competition from Dublin, Limerick
and the south-east. NUIG will be a key player in what will be a celebration of Galway’s unique spirit of
creativity and our shared European culture.
• Galway City is a thriving, bohemian, cultural city on the western coast of Ireland. Along with being a popular
seaside destination with beautiful beaches and long winding promenade, it also has a buzzing cosmopolitan
city centre. The city is a joy to explore with its labyrinthine cobbled streets, colourful shop facades and busy
café / bar culture. The city is also well known for its many festivals throughout the year with huge crowds
gathering for the annual Galway Arts Festival, Races and numerous other events. Old Ireland is present too
with turf fires and traditional music featuring in many pubs to compliment your enjoyment of a well-earned
pint of Guinness. Take an evening stroll along the promenade and watch the sunset over Galway Bay or
watch the salmon fishermen in the River Corrib from the perfect vantage point of the Salmon Weir Bridge.
• Galway city has experienced very rapid growth in recent years. Galway has a strong local economy with
Many universities in Ireland rank impressively well at complementary business sectors, including manufacturing industry, tourism, retail and distribution,
international level, and the country as a whole is understandably education, healthcare and services that include financial, construction, cultural, and professional.
Most of the people employed in Galway work in either the commerce or professional sector with a
a popular choice for international students. The varied selection large number also employed in manufacturing. Most industry and manufacturing in Galway is hi-
of higher education institutions combines with historic cities, tech e.g. ICT, medical equipment, electronics, chemicals). Tourism is also of major importance
to the city which had over 15.8% of total overseas visitors coming into Ireland in 2014.
beautiful countryside and Ireland’s unique culture to make the
country a highly attractive study destination.
12 13
The Building
The site is located at Bohermore / Sean Mulvoy Road close to the major
roundabout junction at the eastern entrance to Galway city. The site is
bounded by mixed use commercial development. It is currently a vacant
three storey office building over basement carpark and planning was
sought to redesign and change the use of the building to provide a four
storey building over basement carpark at Sandyford Business Centre,
Bohermore. The total gross floor area of the building is increased from
2,257.06sqm to 2,805.37sq. The new development will comprise
77 professionally managed student and self-catering holiday
apartment suites comprising 65 single suites, 8 twin suites and 4
spacious one bedroom suites.
Full planning permission for the 77 student / holiday suites and
ancillary facilities was granted on 2nd November 2016. The building
was originally developed as an office block and was vacant for a
number of years. The existing design layout was recognised by The
Iveragh Group as being ideal for conversion into a hybrid student/
tourist accommodation hub. The building included a basement carpark
with 67 spaces and further space to provide dedicated bicycle parking.
The building will extend to 4 floors over single basement. The ground
floor is dominated by access routes and public spaces and the student
/ holiday accommodation are generally on the first to fourth floors
arranged in suites. There is a manager’s apartment on the fourth floor.
The building has been redesigned as an iconic structure in the local
landscape but does not overpower the streetscape. The redesigned
building enhances its presence as a prominent structure in this gateway
into Galway city. The mixture of façade treatments creates a blend of
interesting finishes.
The design concept was to provide independent living accommodation for
students in self-catering suites in a number of sizes to cater for residents’
requirements and affordability. This accommodation can seamlessly
transform into fully serviced self-catering accommodation for tourist visitors
in the summer season.
14 15
Quality
swuite has been developed so that all of our residents can avail
of the highest quality living and at affordable rates. The generous
size rooms cater for single and double occupancy and are all fitted
out with private ensuite bathrooms, ample wardrobe and under-bed
storage, a double size bed and a stylish kitchenette. There are also
dedicated universal access suites.
swuite puts the visitor and student at the heart of everything which
is illustrated by the standard of accommodation it delivers. It is also
situated in the ideal location and is a perfect place for students to
study and live and people to visit. The accommodation will be easily
identifiable as amongst the best in the city.
16 17
Typical Suite
Layout
Facilities & Fit-Out
Suites
• Private swipe card controlled front door directly accessible from stairs and lift.
• All suites have en-suite bathrooms, study bedrooms and kitchenette.
- Study bedroom (small double bed, mattress, window blind, lamp, wall
mounted pin board, under bed storage, study/vanity desk and chair,
wardrobe, easy chair/beanbag, wall mounted flat screen tv)
- Ensuite bathroom (w.c., wash hand basin, shower, towel rail, shelf,
mechanical vent extract)
- Kitchenette (wall and base storage units, counter, hob, sink and drainer,
microwave oven, mini fridge, fire blanket, kitchen extract hood, waste bins)
• Generous size suites range from 19m2 to 25m2 in area
• Quality timber floors throughout
• Energy saving lighting throughout
• Energy efficient electric heating
• Constant air exchange using heat exchange unit (for unrivalled comfort)
• Roof mounted solar thermal collector supplying hot water
• High speed broadband (wifi)
Photos are for illustrative purposes only and are not exact representations of the finished product.
They are reflective of the style of finish and the quality that will be delivered.
18 19Common Facilities
In the basement of the building there is a Laundry Room, Bicycle
Storage, Car Parking and Lock-Up for the use of the residents.
There is also a Games Area for the exclusive use of residents and their
visitors. The apartments on each floor are accessed by two separate
stairs and lift cores. There is a Roof Terrace for the exclusive and
Reception
limited use by the residents.
Main Building
• Foyer Lounge
Entrance
• Reception
• Social spaces
• Roof terrace on 3rd floor
• Basement Car parking (57 spaces)
• Bicycle spaces (63)
• Landscaping
• Juice Bar
• Laundry / drying room facilities in basement
• Lock up storage
• High speed broadband (wifi)
Social Spaces
Giving residents the choice to interact and socially engage with other
residents is a critical part of the swuite offering. Residents can avail
Shared
Social Foyer
of the shared facilities and share in company when they choose to do
so, but also have the choice to spend time alone in their private suite.
Having the flexibility to experience both aspects of student living is very
important in developing independence and social skills.
The ground floor is dominated by the reception
and open plan shared social foyer. This
Swuite Bohermore will include an activity area at reception and dedicated
attractively designed open-plan space can be
common rooms on the first and second floors where residents can avail
used for general social and leisure recreation for
of various activities. The external courtyards are landscaped to provide
residents. There is also a hot desk, study area
for relaxation and exercise areas’
and a Juice Bar.
Photos are for illustrative purposes only and
are not exact representations of the finished
product. They are reflective of the style of
finish and the quality that will be delivered.
20 21Suite Types & Layouts
Suite Type A Suite Type E
22 23SHARED
SOCIAL / WORK
SPACE
SHARED
Building Floor Plans
SOCIAL / WORK
SPACE
SHARED
SOCIAL / WORK
SPACE
SHARED ROOF
SOCIAL / WORK TERRACE
SPACE
ROOF
TERRACE
First Floor Third Floor
SHARED
SOCIAL FOYER MAIN
ENTRANCE
RECEPTION SHARED
MANAGERS SOCIAL FOYER MAIN
APARTMENT ENTRANCE SHARED
SOCIAL / WORK
SPACE
RECEPTION
MANAGERS SHARED
APARTMENT SOCIAL / WORK
SPACE
Ground Floor Second Floor
24 25SECTION 3 - INVESTMENT
Investment: Sale & Lease Back Payments Schedule
Purchasers will pay an initial booking deposit and 3 additional stage payments.
An illustrative payment schedule is as follows:
A Unique Opportunity to invest in high quality, in demand,
well located student accommodation in Galway City Centre Booking Deposit: f 5,000
Payment upon signing of contract (25% of Purchase Price) f 29,375
Iveragh Group is bringing a selection of student / visitor apartments to the market on a ‘sale and lease back’ basis at Swuite Bohermore, Payment at Water Tight Stage – March 2017 (30% of Purchase Price) f 35,250
Galway. The apartments will be purchased in the normal manner and simultaneously leased back to Swuite Bohermore with a rental
Payment at Practical Completion – August 2017 (Outstanding Balance) f 47,875
yield of 5.5% on gross purchase price.
Total f 117,500
Property Sale Investor Lease
Conversion & construction will commence early January 2017 and is expected to last for 6 months.
Substantial design and construction value will be added at each stage payment and each stage will be
signed off by the project engineer and architect.
The purchaser upon closing of the sales process will lease the unit to Swuite Bohermore Limited on the
following basis:
• Full repairing and renewing lease for a period of 20 years.
• Rent of f6,465 per annum for the first 5 years.
• Rent thereafter to be adjusted from the start of year 6 for CPI increases. The end of year 5 will be the
base year for calculating the CPI increases.
• Rent will be payable 6 months in arrears in June and December of each year.
• A Substantial Rent Bond in the amount of f266,250 to be put in place to support Swuite Bohermore
Limited obligations under the leases.
The aforementioned can be illustrated based on the current selling price of €117,500
Property Sale of a suite to Investor: f 117,500 5.5%
NET ANNUAL Exceptional Residential Yield
Annual Rental Income to Investor (5.5% of Purchase price*): f 6,465 RENTAL RETURN
The rental yield on Swuite Bohermore represents exceptional value in the context of the Galway City residential
*Fixed for the first 5 years and thereafter amended with the Consumer Price Index (CPI). market. A typical two-bedroom apartment in similar areas in Galway sells for an average of €200,000 with
a net rent totalling circa €9,000. This represents a net yield on purchase of 4.5%. Swuite Bohermore offers
at net rental yield of 5.5% on purchase, a full 1% more with a fully hands off, full repairing and insuring
investment with pre-emption rights. In the event that a purchaser acquires 2 units at Swuite Bohermore for
Important Note €235,000 (2 units x €117,500), net rent of €12,930 would accrue to the purchaser. This represents an
exceptional residential yield.
ALL RENTS WILL BE PAID WITHOUT DEDUCTION AND NO MANAGEMENT FEES WILL APPLY.
26 27Investment Timeline
Now January 2017 April 2017 July 2017 September 2017 February 2018
• Reservation completed and • Construction of Swuite • Second instalment of • Completion of Swuite • Lease granted and leaseback • First bi-annual
€5,000 deposit paid Bohermore commences 30% due at building frame Bohermore commences instalment of assured
• Solicitors instructed and completion • Academic year begins and rental return is paid
contracts issued tenants move in
• First instalment of 25% due • Start of five-year annualised
• Exchange of contracts 5.5% net rental begins
• Start of two-year Rental Bond
28 29Rent Bond Pre-Emption Rights
Swuite Bohermore Limited will at the outset The Iveragh Group will maintain pre-emption rights in
of the lease put in place a rent bond in the respect of each apartment sold in the complex. Pre-
amount of e266,250, being 50% of the emption rights will give the Iveragh Group the right of first
annual rent commitment. The rent bond will refusal in respect of the second hand sale of units.
remain in place for the first two years of the
lease and is designed to supplement any
unlikely shortfall in rental income during the Buy-Back Of Units
start-up period.
Each owner is free to go to the open market and
The rent bond will be lodged into a separate arrive at an offer for the purchase of their apartment.
account and can only be accessed in the In advance of proceeding with a third party sale the
event of unlikely rental shortfalls. Owners will owner must offer the unit to the Iveragh Group at
be kept fully informed in the event that the the price achieved on the open market. The Iveragh
rent bond is accessed. Provisions relating Group can at that point acquire the unit or decline
to the rent bond will be legally documented the offer and allow the sale proceed to the third
within the lease agreement for each unit. party sourced by the owner.
It is Iveragh Group’s intention to exercise its pre-emption
rights and ultimately repurchase the entire facility on a
phased basis determined by owner’s intention to sell.
Current Market Value
Swuite Bohermore will at the outset of the lease put in place a rent bond in the amount of
e266,250 being 50% of the annual rent commitment. The rent bond will remain in place for the
first two years of the lease and is designed to supplement any unlikely shortfall in rental income Pre-Emption Arrangements
during the start-up period.
Student accommodation in the large urban centres is increasing in value due to the lack of
supply and rising rents. The increasing value is evident by comparison to a conventional cluster
type student apartment facility currently for sale in Dublin at a near 5% yield or circa €180,000 Investment Step 1: Open Market FOR SALE
Open
per bed space. SWUITE BOHERMORE is selling at a yield of 5.5% or circa €117,500 per Property Price Established Property
Owner Market
studio apartment. The aforementioned represents excellent value and affords investors capital
appreciation into the future due to rising rents and yield compression, i.e. yield falling from 5.5%
to say 5.0% immediately increases the value of the apartment on the open market. Step 2:
Offer of First Refusal
This can be illustrated as follows:
• Current selling price of a self-contained student studio apartment e117,500
SELL TO SELL ON
• Annual Rental Income (5.5% of purchase price*) e6,465 Step 3:
Accept / Decline IVERAGH OR OPEN
GROUP MARKET
• Yield compression from 5.5% to 5% has the following impact on property value
- A 5% yield based on an annual rent of e6,465 will value a self-contained studio
apartment at e129,300
*Fixed for the first 5 years and thereafter amended with the Consumer Price Index (CPI).
30 31Management Company
Iveragh Student Accommodation Ltd (ISA) was set up to address the severe shortage of With the belief and support of our investor partners we have identified and purchased development
purpose built student accommodation in certain locations in Ireland and in response, develop property in Galway and Dublin where the first 216 swuite beds will be delivered. With the continued
high quality purpose designed and built facilities in key locations that meet the needs of support of our shareholders and investors we will continue to build our team of focused, experienced and
students and others. Through our intensive market research, it was identified that there was determined individuals capable of achieving and surpassing our modest goals and deliver safe and secure
potential for dual use of suitably designed and constructed facilities to serve the student returns to our partners and high quality, sustainable and affordable living accommodation to our residents.
market during the academic semesters and the holiday/business market during the peak
summer seasons.
Iveragh Group
The business cases of existing halls of residences in third level institutions and various
international brands were studied and the market trends in the need/demand of suitable Iveragh Group is an umbrella structure under which each of our business sectors operate. Our operational
high quality accommodation were assessed. ISA possessed the capability and experience sectors include student accommodation, build to let accommodation and short term holiday and business
to deliver quality developments and set modest goals for delivery. These goals went beyond letting. We respond to the shortcomings in each market sector to deliver quality, sustainable and affordable
delivery of new purpose designed and build developments and extended to the management living accommodation. Our Group structure benefits from the overlap in competencies of each sector to
and operation of the completed facilities. To help facilitate our operations business ISA facilitate our streamlined business.
commissioned the design of a corporate brand and combined the pleasantness of ‘sweet’
with the homeliness of an apartment ‘suite’ to create the brand ‘swuite’. The new brand has
been ‘Trade Mark’ registered and will be used to identify and promote each of our operations.
For Investors
• A luxury purpose designed student accommodation property
in the most desirable student development in one of Irelands
premier university cities
• Full occupancy rates that deliver contractually assured returns
• An effortless, fully managed investment
• A future-proof investment. The high-spec finish and finishes
are very desirable to residents and attract both re-bookings
and future referrals
For Student and Holiday Residents
• A prime location, minutes’ walk from the NUIG, GMIT and the city centre
• Easy access to other third level colleges and Eyre Square
• A market-leading university experience that is fostered by the sector’s best management team and
unrivalled community facilities
• The highest standard of student living in Galway in one of the best new property developments in the
whole city
• Own kitchenette that features solid-surface worktops, fully integrated appliances including fridge,
combination microwave oven, electric hob and extractor hood
• An ensuite shower room with boutique styling including porcelain tiles and designer fittings
• Free high-speed 100Mb broadband and a wall-hung flatscreen smart TV
• Secure entrance door with key fob access to bedrooms, apartments and building
• A weekly cleaning service
32 33FAQ’s
When is the completion date of the complex?
August 2017
Can I use the apartment personally?
No, the unit is leased to Swuite Bohermore Limited for a period of
20 years.
Can my son or daughter use the unit when they go into third
level in Galway?
Yes, but they must pay the going rate. Priority access will be given
to owner’s children, subject to terms and conditions.
Do I have to pay an annual management fee?
No, management fees are derived from operational revenue.
Is the 5.5% rent the amount I will receive?
Yes, the amount is paid without deduction.
Who is responsible for the repairs, replacements and
maintenance of the unit?
Swuite Bohermore Limited is fully responsible for all repairs,
replacements and maintenance.
Is there supervision on site 24 hours a day?
Yes, the reception will be open during office hours and the property
manager will reside in the building.
What happens to the lease if I sell the unit?
The new owner will step into the previous owner’s shoes and
continue the lease as originally contracted.
34www.swuite.com
AGENT DETAILS
DEVELOPER
Maynooth Business Campus, Maynooth, Co. Kildare W23 W5X7
CONTACT
Tel +353 1 5413713
Email info@iveraghgroup.com
Website www.iveraghgroup.com
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time of printing. Images, models, layouts and other details in this brochure are given as a general guide and may change
from time to time in accordance with the final designs of the development. We endeavour to ensure that any market
forecasts are accurate and well researched at the time however we cannot ultimately be held liable for any reliance you
may make of or put on it except as specifically agreed with us in any future agreement we may make with you in writing.You can also read
