NUIG student accommodation firm records loss

The property company which operates student accommodation on behalf of NUI Galway recorded a €3.4 million increase in turnover in 2019.

However, Atalia Student Residences DAC (Designated Activity Company), which is owned by the university, recorded a loss for the year of €6,300.

Accounts for the company for the year ended August 31, 2019, show that while there was a loss, retained profits are at more than €1.6 million. The accounts are the most up to date available from the Companies Registration Office.

The previous year, the company made a profit of more than €460,000.

Atalia Student Residences operates the 764-bed Corrib Village apartment complex and the 429-bed Goldcrest Village.

The figures show that the company’s overall turnover jumped by 52% – from €6.4m to €9.8m.

Turnover for accommodation services was up from €5.2m to €8.4m; and from conferences and events was up from €850,000 to €1.1m. Turnover from shops was down from almost €328,000 to €290,000.

Outside of the academic year, both complexes are used as accommodation for conference delegates, while Corrib Village is also used for short-term holiday lets.

The accounts show fixed assets – including fixtures and fittings, plant and machinery and office equipment – valued at €1.5m. Its current assets were valued at more than €7m, including ‘cash at bank and in hand’ of almost €6.9m (up from €5.6m last year).

The company owed creditors €6.9m, including €5.2m in deferred income.

It employed 38 people (which includes its five directors) last year, up from 31 the previous year.

As well as operating the student accommodation complexes, the company also markets conference facilities and services on behalf of the university.

It pays rent to NUIG but the figure is not included in the company accounts. In 2018, the rent figure was just over €2.25m.

In Corrib Village, a single bedroom with a private en suite for the academic year costs €5,950. For Goldcrest Village, the figure is €6,760.