The Living Co pays $72.5m for student asset
The Living Co has paid $72.5 million for a student accommodation asset occupied by Boston University, in Sydney.
The eight-storey Boston University Sydney Academic Centre, at 15-25 Regent Street, Chippendale, contains 164 beds across three and four-bedroom apartments.
TJAC was the vendor.
Knight Frank’s Tim Holtsbaum and Luke Shackleton brokered the off-market deal.
Living Co expands
The deal values each bed at about $442,100
Boston University has occupied the property since 2011 as the Sydney base for its Study Abroad Program.
The building combines student apartments with classrooms, offices, a library and other academic facilities.
The site is about 300 metres from Central Station, within walking distance of the University of Sydney and University of Technology Sydney (continues below).
Refurbishment planned
The Living Co plans to refurbish the accommodation and communal areas and activate the ground floor with retail.
The acquisition will bring its Scape-branded PBSA portfolio to more than 5000 beds under ownership and management, according to the company.
In December realestatesource.com.au reported Scape, through The Living Co, paid $49.5m for a permit-ready Redfern site with approval for a 200-unit student accommodation complex.
The Living Co also paid $32m for a 4190 sqm Waterloo industrial amalgamation last year, with plans for c300 student accommodation dwellings.
Other recent trades include GPT’s $47m acquisition of the 150-bed Miguel Cordero Residence in Camperdown and Singapore-based Morning Crest Capital’s $24.1m purchase of the 74-room Dayman Apartments in Marsfield.
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