This article is from the Australian Property Journal archive
REAL estate investment manager Nuveen Real Estate has partnered with Flinders University in Adelaide for its second purpose-built student accommodation project, which is set to inject more lift into the CBD.
Flinders University students will have priority access to a certain number of beds in the 347-bed building, known as The Switch, Adelaide Central, at 203 North Terrace, which is moments to Flinders University’s future campus “Festival Tower” opening in 2024, as well as the Lot Fourteen innovation precinct, and Adelaide’s central shopping, dining and entertainment precinct, Rundle Mall.
It follows Nuveen’s first of a planned portfolio of four properties developed with new specialist purpose-built housing operator The Switch in Perth earlier this year. The Nuveen portfolio’s third project, The Switch Melbourne, Victoria Markets, near the University of Melbourne and RMIT University, is scheduled to open in early 2023, followed by the 250-bed The Switch Sydney, Kensington near the University of NSW.
The Switch Adelaide Central will feature a level 34 communal sky lounge, a theatre, communal kitchen, games areas, parcel lockers, study and co-working spaces, outdoor terrace garden, laundry, honesty kitchen, shared bamboo bikes, and tech-smart bed heads.
“The partnership with Flinders University is a uniquely coordinated approach to offering Flinders’ students a high-quality accommodation solution as part of their enrolment to study, taking away the hassle of trying to find a well-priced, well-located, and high-quality home in a city that is interstate or on the other side of the world,” Ben Taylor, director of housing for Nuveen Real Estate Asia Pacific said.
“Since the re-opening of Australia’s borders, we have seen through enrolments, visa applications and arrivals, as well as the high occupancy in our buildings, that the demand for Australia’s quality tertiary education offering remains strong and this continues to validate Nuveen’s long-term investment conviction on the Australian student accommodation sector.”
A new report from the Student Accommodation Council shows students living in purpose-built student accommodation are spending about $4,400 a month – almost as much as the average Australian – making a significant daily impact on CBD economies.
Flinders University vice president corporate services Mark Gregory said with the university’s expansion onto North Terrace there will be increased demand for city-based accommodation for its students, especially those from regional South Australia, interstate and internationally.
“The location of The Switch just a few minutes’ walk from our new CBD campus means it will be a hugely attractive housing option, which is why we wanted to partner with Nuveen and ensure our students receive priority access.”
“It’s no secret that Adelaide has one of the most tightly held rental markets in the nation – supply is tight and that has flow-on effects for affordability.
David Cameron, founding partner for The Switch, said lifestyle-led rental accommodation is a trend that is set to accelerate in Australia, having proven popular for younger people in Asia, the United States and Europe.
He said The Switch has been “customised to appeal to the lifestyle expectations and dreams of a younger generation of renters with a focus on sustainability, technology and an active community”.
Australia’s purpose-built student accommodation sector is the four largest sector in the world. There are 200 developments across Australia, with 76,500 provided for students. The sector has grown from just over 36,000 beds in 2012 to a projected 93,000 by 2025.
