A student accommodation development of 145 beds is to be developed on a one-acre site on Farranlea Road.
Real estate investment company Round Hill Capital has acquired the site with planning permission already in place.
The company said it will immediately proceed to construct a mixed-use project including 145 purpose-built student accommodation (“PBSA”) beds and facilities.
The development will be located on the site of the former Gillan House warehouse, on the southern side of the road that connects Victoria Cross to the Model Farm Road.
Round Hill said it also plans to acquire and develop further student apartment developments in Cork, Dublin and Galway, that will deliver more than 1,200 beds.
The Farranlea Road development will be managed by Nido Student, the company's established brand for European student accommodation.
The company said Ireland is enjoying a period of sustained economic growth leading to increasing demand for all types of residential accommodation.
"Supply constraints are causing structural imbalances and inflationary pressures. These PBSA development schemes will help to meet the need for student accommodation and free up private traditional housing, currently occupied by students, increasing the supply of much-needed housing for families and young professionals."