Reditum has also arranged investor partnerships with The Collective on a co-living scheme in Dublin. The development is a 263-unit scheme consisting of co-living and hotel rooms, and offering a plethora of shared living space for residents, including a number of kitchen and dining areas, cinema, spa, library, laundry facilities, flexible workspace and a fully equipped gym.
Relative to other studio and one-bedroom new build options, the proposed rental pricing is highly competitive as it includes water, gas, electricity, Wi-Fi, gym access, room clean & linen change, council tax, luggage storage and, of course, access to all of the shared building facilities.
The Collective is considered the #1 operator of co-living spaces worldwide and have a track record of delivering success in planning, development and management in the UK.
The proportion of households renting in Ireland is growing, up 4.7% from 2011 and totaling 74% of 25-39 year olds (CBRE). The demand is enhanced through the changes in societal factors, with the married population aged 20-34 declining by 38% since 1991 (CBRE), showing an increase in demand for one bed apartments from the young, single population.
The development is also attractive from an investor point of view, daft.ie reported that there has been consistent growth in recent years for rental prices of 1 bed apartments in Dublin, in 2018 they grew by 8%. Even though there has been an increase in supply, the amount of readily available accommodation has not altered significantly in the past 4 years in relation to demand, showing that people are still willing to pay more.
The scheme is located at the junction of New Row South, Blackpitts and Fumbally Lane in the district of Dublin 8 and near Dublin’s main railway stations. An increasing number of development projects from well-known brand names such as Hard Rock and Hyatt are being brought to the area, adding to its appeal and growth prospects, thus complementing the proposed Collective development. Dublin exhibits ideal demographics, with 26.7% of the local population aged between 25-34, and 56.5% of the residents being single.