Chinese group buys Sydney student accommodation complex
Shanghai based asset manager Morning Crest Capital, which invests outside of mainland China, focusing on residential based real estate, has snapped up a contemporary student accommodation complex leased to Macquarie University.
At Marsfield, 7 Dayman Place cost $24.09 million following an off-market campaign.
The vendor, a local private family, outlaid $17.35m in 2017.
At the time, Macquarie University, at nearby Macquarie Park, accommodated some 8650 students.
Today, that is about 12,000.
Dayman Place
Developed in 2014, branded Dayman Apartments, the Marsfield asset contains 64 studios and 10 shared apartments over three split levels – or six half floors (story continues below).
There are also common rooms, courtyards and internal laundry, central lift and basement parking.
The lease agreement allows the owner to terminate the management plan with Macquarie, not vice versa.
Colliers’ Joseph Lin was the agent.
Marsfield is 16 kilometres north west of Sydney’s CBD.
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