The Collective is an exciting initiative which is made up of a number of co-living buildings. Co-living is an innovative form of living which applies the concept of house sharing across many tenants within one single building. This makes the space being used highly efficient and offers tenants a range of communal amenities as well as private space comparable to that of a typical house share, whilst maintaining the privacy associated with a studio apartment. The Collective is regarded as the number 1 operator in the co-living space with a prominent brand name and a track record of delivering and managing successful schemes.
This particular development in Dublin is a 263 unit scheme, 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 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 proposed scheme is located at the junction of New Row South, Blackpitts and Fumbally Lane in the district of Dublin 8. 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. One of Dublin’s main railway stations, Heuston Station, is also located in Dublin 8 and is a short distance from the proposed site, linking Dublin to the rest of the country.
The location is ideal for the scheme, with 26.7% of the local population aged between 25-34, and 56.5% of the residents are single. Dublin is characterised by strong transport links (road, cycling lanes, bus, train and tram links and air) and a diverse local economy with impressive levels of investment from domestic and foreign players. Dublin is also poised to be one of the biggest winners in the aftermath of Brexit, with companies such as LinkedIn, Facebook and Google already moving their headquarters to the Irish capital.