With housing options becoming more and more difficult to secure for an affordable price in Dublin, many people wonder when the ever-expanding city will reach maximum capacity. With the thought of growth being stagnated by the availability of homes or apartments at a reasonable price point on the brain, Mm Capital began looking for answers.
In partnership with international shared residential operator SQRE Living, Mm Capital composed and submitted a building proposal that would allow them to build a 132-bed co-living development on a 5000 square meter plot. This residential building would be located at 39-42 Hill Street in Dublin 1.
Although this sounds to be an outrageous propositions, students all across Europe and the United States live in these type of conditions for 2-4 years of their lives while attending university. Many of the dorms strewn across campuses can house hundreds of students easily and effectively.
This real estate investment and development firm has also mentioned many different styles of living that would be available. Around 75pc of the 132 rooms would be 19 square meters, while the other 25pc would be around 16 square meters. Although these are smaller, they would be grouped in a pod styles that would put 5 or 6 friends or coworkers in an area that would provide them with shared amenities between that small group only. This type is more secluded and creates a more apartment style feel.
For those not in this cluster form, it is suggested that each tenant would get their own private room but would share cooking, eating and living spaces with all other building tenants. Mm Capital does note that their plan includes 28 kitchen stations, which roughly averages 5 person per station.
Beyond these shared accommodations, the company also has plans to create a gym, activity center, breakfast/lunch cafe, co-working space, lounges, and even a rooftop garden. If this is not sounding enough like a university dorm to you, there are plans to also hire a social director that will take care of providing cultural and educational events during the week. Tenants will also have in-building laundry and 24/7 security across the building.
These types of living situations can be very beneficial for young adults who are not able to pay outrageous prices but want to be close to the city centre; they are not extremely suitable for older adults.
Overall, the market is certainly there for this type of living arrangement but there are many other logistical parts of this plan that may increase the cost of building this shared housing unit. With prices of construction and furnishing increasing, the rent may need to increase to cover these costs. This could cut down the amount of potential renters significantly.