Co-living giant drops $32m in Sydney
The Living Company – a new Scape brand – has bought an inner south Sydney industrial amalgamation with plans for a student accommodation tower.
The 4190 square metre plot, 224-234 Young Street, Waterloo, set it back $32.005 million.
Zoned Mixed Use, the lower level of any development is expected to contain retail.
Within 750 metres of Green Square train station and the new Waterloo Metro, it should also be dense, with about 300 units.
The end value should circle $150m.
Colliers was the marketing agency.
The vendor, a Hong Kong based investor, paid developers, brothers Denis and Garret O’Neil, leading a family consortium, $27.2m in 2015.
That seller outlaid $2.5m in 1999.
Student accommodation planned
The Living Company was established in May to hold student accommodation, build to rent and retirement living product.
The Waterloo proposal will replace four office/warehouses.
The deal comes more than a year since the co-living provider formed an alliance – the Scape PBSA fund – with Dutch pension fund APG Asset Management to build an Australian student accommodation portfolio.
Two months ago, new investors were bought in including South Korea’s National Pension Service, CDPQ (Caisse de dépôt et placement du Québec), Bouwinvest and UBS Asset Management.
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