Agent TWM is guiding a price of €8.5 million for a substantial mixed-use investment opportunity in Carlow town. The portfolio is being offered as a single lot and comprises Hatch Student Living, a 106-bed space purpose-built student accommodation (PBSA) block, the former Hanover Shopping Centre and the Jones Building (office space let to Carlow County Development Partnership CLG).
The investment offers the prospective purchaser the opportunity to secure a potential net operating income of €673,000 in the upcoming year (including €41,000 of rental income from the Jones Building) and a net initial yield of 7.13 per cent.
The Hatch Student Living scheme has 83 bedrooms comprising 106 bed spaces arranged across two four-storey-over-basement apartment blocks. The property is well positioned to cater for Carlow’s 7,500-strong student population, thanks to its close proximity to South East Technological University (SETU) and Carlow College. Hatch Student Living is the only single-ownership PBSA block in Carlow Town.
A feasibility study by JFA Architects points to the possibility of expanding the existing portfolio by integrating the Jones Building and the former Hanover Shopping Centre to create four additional blocks of purpose-built student accommodation, subject to planning permission. This plan would add 165 student bed spaces.
The properties are zoned “town centre” under the Carlow County Development Plan 2022-2028, allowing for a wide range of potential uses, including student accommodation, residential and hospitality.
Hannah Dowling of TWM said: “This portfolio represents a rare opportunity to acquire a centrally located, high-profile student accommodation asset with a clear pathway for value-add development. Given Carlow town’s strong student population and the increasing demand for quality student housing, this is a compelling opportunity for operators, investors and developers looking to expand into one of Ireland’s key regional education hubs.”
