This article is from the Australian Property Journal archive
MACQUARIE Real Estate Structured Finance has teamed up with Built Environs and Southbank Securities to develop a new $75 million student apartment project in Adelaide.
The Octagon Student Apartments will be built on a former cinema site in Hindley St in the Adelaide CBD and is expected to be completed by late 2008.
The project comprises 300 one and two bedroom apartments over 15 levels with prices expected to start from $180,000. The development will also include a retail unit and car parking.
Macquarie Real Estate Structured Finance’s executive director Michael Hubner said Adelaide has experienced significant growth in overseas student numbers in the past six years and, there is a recognised shortage of suitable accommodation.
“It’s our first joint venture in Adelaide for the real estate finance business and our first with Built Environs. Our business philosophy is to partner with substantial, experienced local builder/developers.” Hubner added.
The project will be delivered by Adelaide based contractor Built Environs. The directors of Southbank Securities were behind the successful development of Adelaide’s first independently developed and managed student accommodation project, Unihouse in Rundle Mall.
Education Adelaide’s chief executive Denise von Wald said the growth in international students in South Australia continues to outstrip the national average – currently at 1.5 times the national average.
“The role of the educational institutions, their core business, is to provide education and it is a great initiative for a private development group to undertake a student accommodation project such as Octagon Student Apartments. The provision of good quality affordable accommodation is very important and is a key part of the students decision making process about where to study,” von Wald added.
Australian Property Journal
