This article is from the Australian Property Journal archive
MORE than $20 million is expected for an inner Sydney Australia Post site that is ideally placed for redevelopment into student living accommodation.
GYT has put the 168-170 Anzac Parade site in Kensington to the market as international students gradually return following the pandemic-induced hiatus. Benefiting from versatile B2 zoning, the 1,115 sqm level land allotment allows for multiple development options. It is directly opposite the Kensington light rail stop, providing access to the Sydney CBD and tertiary institutions University of New South Wales, University of Technology Sydney, TAFE NSW and the upcoming Tech Central precinct.
JLL’s Harry Sullivan, who has been appointed to sell the property with colleagues David Hill and Ben Geyer, said the site represents “one of the last genuine development sites within the Kensington Town Centre, as most prime development opportunities within the precinct have been developed, amalgamated or recently sold”.
“Situated in one of Sydney’s most exciting growth corridors, the prime landholding is underpinned by proximity to the University of New South Wales (UNSW), Prince of Wales medical precinct and extensive government infrastructure spending.”
The site is currently improved by single-storey commercial building occupied by Australia Post with 14 outdoor car spaces.
“As residential rental vacancy rates are at an all-time low, the Australian living sectors are seeing major appetite from global investors looking to build out their student accommodation, co-living and build to rent exposure,” Hill said.
“Australia is a highly desirable destination for international students to study in the medium and long term, owing to the quality and global rankings of our educational institutions.”
Prior to COVID, 900,000 international students in Australia contributed $41 billion to the economy. Australia’s tertiary education system has attracted the second biggest percentage of students from Asia, after only the United States. JLL anticipates higher education enrolment numbers will return to pre-COVID levels by around 2024.
“With Australia’s borders now open to international students, we are seeing the regaining momentum of investors seeking exposure to student accommodation assets,” Hill said.
Expressions of interest close 23rd August.
