This article is from the Australian Property Journal archive
A FORMER army disposals retailer site in Perth’s CBD with approval for a 713-bed student accommodation tower has hit the market.
Located on the corner of Pier and Wellington streets, the historic 1,400 sqm site was home to Wellington Surplus Stores for 75 years prior to its partial demolition in 2018. A heritage-listed corner building facade remains on the plot.
It is now earmarked for a 30-storey student accommodation tower with a gross floor area of 18,500 sqm. The plot is zoned city centre under City of Perth planning regulations and has no height limit on any potential development.
If developed to the approved height potential, future occupiers will enjoy Swan River views.
Cygnet West’s Tory Packer and Henry Vu are coordinating the sales campaign.
Vu said 319-335 Wellington Street is an exciting prospect for large-scale developers given its close proximity to the proposed Edith Cowan University at Perth City Link and the city’s major public transport infrastructure.
“While the return of international students to Western Australia continues, the approved purpose-built student accommodation tower would also have appeal if converted to a co-living space.”
Co-living is a fledgling asset class in Perth, but a previous development indicates the modern communal living concept is in strong demand. Another Wellington Street tower, developed by Nuveen Real Estate and previously flagged to become student accommodation was converted into a co-living facility known as The Switch earlier this year and is now fully occupied.
The Switch was developed by local firm Stirling Capital before being sold to Nuveen, which is advancing a national portfolio of co-living projects.
“With cost-of-living pressures as high as they are and residential rental vacancies at all-time lows, co-living is emerging as a highly suitable alternative in the current rental market,” Packer said.
“Co-living combines the lifestyle benefits and rich amenity of inner-city living with affordable housing and a real community atmosphere.
“It is emerging as a real solution to WA’s rental crisis for young tenants.” Perth’s residential vacancy rate tightened even further in August, according to SQM Research, to just 0.6%.
Expressions of interest close 19th October.
