This article is from the Australian Property Journal archive
A 1,334-bed student accommodation site at Canberra University Campus West has hit the market, as Purpose-Built Student Accommodation (PBSA) demand continues to outpace supply.
The 12.8-hectare UC-Campus West site comprises six accommodation complexes with 207 apartments plus common areas for kitchen and bathroom amenities, lounge spaces and indoor and outdoor recreational facilities.
The site also includes onsite administration building, post boxes, retail shop leased to Dominos, laundrette and 443 open car parks.
“Student accommodation numbers have seen a significant upswing, with a notable rise in both domestic and international students seeking housing options,” said Meynell, managing director investment services at Colliers.
In May, the Albanese government committed to limit international students with a cap on each university, this after the 2024-25 Budget identified the international education sector as a national asset but noted enrolments have not been met with an adequate increase in student housing.
Meynell, Matthew Winter and Bella Kanellopoulos from Colliers have been appointed to manage the sale of the asset, which is currently owned KMSAC Pty Limited.
“This is an outstanding opportunity to acquire an interest in a student residences project,” said Matthew Winter, head of capital markets & investment services, ACT at Colliers.
“Demand for student accommodation outstrips supply and the sale of UC-Campus West offers a rare chance to secure one of the only ready made student accommodation concessional agreements in the market.”
UC-Campus West is operated by UniLodge Australia under a 30-year concession agreement acquired from the University of Canberra in January 2008 and expiring on 24 January 2038.
“UC-Campus West is positioned to maintain high occupancy rates, ensuring steady rental income. The village is situated within the University of Canberra and offers a variety of room types to cater for different student preferences and budgets,” said Kanellopoulos, executive of investment services and office leasing at Colliers.
“UC-Campus West is surrounded by bushland and a short walk from the natural beauty of Lake Ginninderra. It’s conveniently located within walking distance of Belconnen, offering easy access to shopping centres, cafes, and public transport.”
The expressions of interest campaign for UC-Campus West is scheduled to close on 19 November 2024.
