Singapore based Wee Hur Holdings has acquired a service station in Sydney’s inner south Redfern from bp with plans for a student accommodation tower.
The 1366 square metre site, 104-116 Regent St, is costing $46.1 million.
The purchaser owns the asset next door, for which it spent $46m a few months ago.
It also controls the parcel neighbouring that, 23 Gibbons St, after outlaying $52m last year.
Those two sites are earmarked in planning for two student accommodation buildings containing a total of about 900 dwellings.
The service station, with frontage to Margaret St and William Lane, is gazetted Business Zone – Commercial Core, which would allow for an 18 level tower with some 384 beds.
Savills’ Stuart Cox, Neil Cooke and Johnathon Broome represented bp.
Intergen Property Group is working with Wee Hur to create an Australian development site portfolio; to date it has acquired eight properties.
Student accommodation to bounce back quickly post COVID-19: Wee Hur
Each of the three Redfern parcels are now earmarked for a major tower.
“The development of the three student facilities will establish Redfern as one of Sydney’s most sought-after student accommodation precincts, being located close to University of Sydney and the University of Technology, Intergen managing director, Dennis Kalofonos, said (story continues below).
“Student accommodation is about to bounce back quickly post-COVID and Wee Hur is well placed to capitalise on the revival of this sector and the economy through its timely development and operation of centrally located…facilities in Australia’s major capital cities”.
The 104-116 Regent St holding is 150 metres from Redfern train station, 300m to the proposed Waterloo Metro and three kilometres south of the city.
Australian Technology Park is walking distance.
Unprecedented return given zoning: agents
Mr Cox added the Redfern purchase “will see an unprecedented return on investment for Wee Hur Holdings, with the final Purpose Built Student Accommodation project capable of yielding 9652 sqm of potential Gross Floor Area under the existing controls or 11,474 sqm including the PBSA 20 per cent bonus floor space available as part of this zoning”.
Upper level units in the project will enjoy city and district views too.
Mr Cook said the location has undergone significant gentrification over the last decade “and now proudly presents as one of Sydney’s most desirable city fringe suburbs adjoining the affluent established Surry Hills”.
The bp site, he added, offers direct access to Sydney CBD and Barangaroo to the north, eastern beaches and Sydney Airport, to the south.
Last month EG spent $18.775m on three neighbouring Redfern sites covering 1060 sqm – 175-177 Cleveland St and 1-5 Woodburn St – permit-ready for a six floor mixed use commercial building with a c3725 sqm GLA.
Mr Cox, Mr Cooke and Mr Broome marketed that property too.