Mapletree secures site for maiden Australian student accommodation complex
Mapletree Investments has bought a permit-ready site with plans for its first Australian student accommodation complex.
The 1398 square metre ex-open air car park, 609 Wellington Street, in Perth’s CBD, was offered by Alceon, with which it will co-develop.
With 835 beds over 33 levels, the end value is expected to circle $300 million.
Of the 556 units – 436 will be studios, 60 will be five bed or ‘cluster’ rooms, 39 will be twin and 21 will be accessible (ie, equipped to be used by all residents).
Completion is scheduled 2027.
Car park to be replaced
Singapore listed Mapletree is making student accommodation a core sector, an announcement said.
It operates 28,700 beds in 79 properties, in Canada, Germany, the United Kingdom and United States.
“Australia’s student housing sector has attracted robust investor interest due to its large student population, limited supply and counter-cyclical features,” chief executive officer, Student Housing, Matt Walker, added.
“In particular, Perth remains one of Australia’s most undersupplied central business districts for student accommodation despite being home to many prestigious institutions,” according to the executive.
Alceon executive director, Matthew Liston, said the group will co-deliver the project.
It paid $18.7m in mid-2015; at the time the tract was leased to Wilson as a car park.
The redevelopment, penned by Rothelowman, was permitted last year.
To have been managed by Unilodge, it is also designed with a café, cinema, gym, music room and rooftop recreation area.
The project is aiming for a 5-star Green Star rating too.
“While Alceon will relinquish ownership of the land, the team is pleased to remain involved as the project’s development manager and will leverage our local expertise to oversee it through delivery,” Mr Liston added.
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