Student Housing Still Strong

Undeterred by the pandemic student housing developer applies for $1B development applications.

Student housing development applications have seen no let up, with strong confidence in the sector remaining throughout the COVID-19 pandemic.

Student accommodation provider Scape has applied for the development of $1B of new facilities in Kensington and Kingsford around the University of New South Wales. The development of 5 building on Anzac Parade ranging from 6 to 19 storeys, providing more than 1,650 housing rooms plus ~8,500 sqm of retail and commercial space, along with further multi purpose public spaces.

This is in addition to 2 projects Scape is already building in Sydney (combined construction value of $110M), in Redfern and Darlington providing a total of 730 beds.

Scape executive chairman Craig Carracher says:

“In a post COVID world, the weight of demand from across Asia, Europe and South America will rise again from students seeking a world-class education in Australia, the opportunity to continue to develop and invest in innovation and academic centres of excellence is a once in a generation opportunity.”

Last year Scape acquired Urbanest’s 6,875-bed portfolio from Evergreen, M3 Capital Partners’ principal investment vehicle. The sale, which won Foreign Investment Review Board approval in March, is valued at more than $2 billion and is the largest ever student accommodation transaction in Australia.

In other news, Intergen Property Group completed its $20.6M acquisition of a student accommodation site in Canberra, in its role as the investment manager for Singapore’s Wee Hur Capital, the intention being to develop the 1400 sqm site into a 16-storey, 730 beds, student accommodation property. This is the group's seventh site purchase for student accommodation in Australia and the group now has locations in Brisbane, Adelaide, Sydney, Melbourne and Canberra.

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