Student accommodation

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<h2 class="legacy">Opinion</h2>

Victorian universities <a href="https://www.theage.com.au/national/universities-hatch-desperate-plan-to-fly-students-in-quarantine-them-20210406-p57gvo">recently re-proposed</a> a previously conceived plan to get international students back under a similar model used to fly in tennis players for the Australian Open. Under the proposal, universities would help pay for around 1,000 foreign students to be flown into Melbourne every two to three weeks and placed into special lockdown arrangements.

Similar plans to get international students back have been considered in various states since borders closed in March last year – and then quietly shelved. So far, only the <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-11-30/international-students-arrive-in-australia-coronavirus-nt/12933370">Northern Territory has been able to bring 63 students to Australia</a>.

But 63 students is an almost negligible number compared to how many visa holders are still stranded outside the country — an estimated 30% of 542,106 (or around 160,000) student visa holders were outside Australia as of <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2021-01-15/international-student-ghost-tower-in-carlton/13058916">January 10 2021</a>.

In February, Phil Honeywood, the CEO of the International Education Association of Australia, expressed uncharacteristic desperation in his monthly email to members. He wrote:

When we directly lobby our federal politicians to promote student return plans, we are told that state/territory governments have full control of quarantine and we have to persuade them first. However, our discussions with state and territory politicians invariably produce the response that because the federal government controls Border Force, the ADF and international airport arrival caps, they are the ones actually in control!

Victorian Acting Premier James Merlino <a href="https://www.theage.com.au/national/universities-hatch-desperate-plan-to-fly-students-in-quarantine-them-20210406-p57gvo">last week also blamed Canberra for the lack of progress</a> to bring students back:

If you don’t get that from the federal government then it doesn’t matter what other ideas, whether it’s the City of Melbourne, SA, NSW or ourselves, doesn’t matter what idea you have to deliver it, if you can’t get people [students] on the flights, it’s a no-goer.

But Federal Education Minister Alan Tudge is on the other side of the blame game, <a href="https://www.studyinternational.com/news/australian-universities-2022/">saying, at the end of March</a>:

There is still the opportunity to bring students back in small, phased pilots. This could occur if an institution works with the state or territory government and presents a plan to us for quarantining international students […] I have discussed various plans with government and university leaders but to date have not received any concrete proposal.

This is all very confusing for the international education sector, which has come up with a number of concrete plans. Neither level of government seems to be able to either offer a sufficient explanation for why a plan it was considering was abandoned or, when an explanation is offered, when that plan may be resumed.

This creates the perception, among those working in the sector and international students, that no governments care about their fate.

South Australian and ACT plans shelved

The Australian Capital Territory and South Australia were the first jurisdictions to <a href="https://www.brisbanetimes.com.au/politics/federal/international-students-to-fly-to-canberra-next-month-under-pilot-program-20200617-p553hb">announce plans</a> to bring back international students. In June 2020, they proposed pilots that would bring in 350 and 800 students to Canberra and Adelaide respectively. But both these plans were put on hold after Victoria’s second wave hit at the beginning of July.

The South Australian pilot was <a href="https://www.sbs.com.au/language/english/international-students-set-to-fly-back-to-south-australia-from-these-nine-countries">resuscitated in November</a> — with preparations reportedly well advanced — before an outbreak later that month sent Adelaide into a snap lockdown and the pilot was again put on ice.

Not to be deterred, ACT Chief Minister Andrew Barr <a href="https://www.canberratimes.com.au/story/7051694/barr-wants-international-students-to-return-to-canberra-by-february/">announced in December</a> he had requested Commonwealth approval to bring students back by February this year, but this too was quietly shelved with no explanation given.

Victoria and NSW try and try again

In Victoria universities and student accommodation providers have put a series of proposals to the state government, the first of which were scuppered when Victoria went into extended lockdown from July during the second wave.

In <a href="https://www.theage.com.au/politics/victoria/international-students-could-quarantine-in-hubs-from-january-20201210-p56mf7">December the Victorian government was considering</a> a plan to fly in up to 23,000 international students early in 2021, who would serve out their quarantine in student accommodation. By <a href="https://www.theguardian.com/australia-news/2021/jan/15/victoria-plans-for-international-students-return-with-special-quarantine-housing">January the state government was upbeat</a> saying it was “working closely” with the federal government to finalise the plan.But that all changed in February. In a national cabinet meeting at which an international student return plan was to be agreed, Prime Minister Scott Morrison <a href="https://www.studyinternational.com/news/return-to-australia-2021/">instead said</a>:

Within weeks, a small number of cases of community transmission from a Melbourne quarantine hotel caused a snap lockdown and the cessation of incoming international flights, which only resumed in April.

It was agreed once again that the return of Australian residents is the priority in terms of arrivals to Australia. We must remember that our borders are actually shut. No one can just come to Australia.

Now that the dust appears to have settled once more, <a href="https://www.theage.com.au/national/universities-hatch-desperate-plan-to-fly-students-in-quarantine-them-20210406-p57gvo">Victorian universities are trying again</a>, with a proposal to fly in 1,000 students each fortnight. The state government’s response so far appears lukewarm at best.

New South Wales has also had its share of pilot announcements. A well-developed scheme to <a href="https://www.smh.com.au/politics/nsw/hard-to-see-a-safe-corridor-nsw-shelves-plan-for-return-of-international-students-20210107-p56scz">start returning 1,000 international students</a> to Sydney each week was shelved in January after the outbreaks in the northern beaches and Western Sydney.

The NSW government subsequently tried for <a href="https://www.examiner.com.au/story/7158868/tasmania-refuses-quarantine-request-for-overseas-students-in-nsw/">international NSW university students to quarantine in Tasmania</a> before coming to Sydney. Unsurprisingly the idea was quickly quashed by the Tasmanian Premier Peter Gutwein.

So, what now?

Only <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2020-11-30/international-students-arrive-in-australia-coronavirus-nt/12933370">63 international students have come to Australia</a> through the Northern Territory in November 2020. They were quarantined in the Howard Springs facility. In March 2021, <a href="https://www.propertyobserver.com.au/https://www.abc.net.au/news/2021-03-05/howard-springs-covid-quarantine-returned-passengers-expanding/13220188">Scott Morrison announced</a> the Howard Springs facility’s capacity would increase to 2,000 people per fortnight. But there is no suggestion any of those places will be available for international students.

A <a href="https://www.ahuri.edu.au/research/research-papers/enhancing-the-design-quality-of-purpose-built-student-accommodation">recent study</a> I was involved in identified nearly 12,000 beds in student accommodation facilities in the City of Sydney and nearly 19,000 in the City of Melbourne. Using some of these properties could <a href="https://theconversation.com/how-unis-can-use-student-housing-to-solve-international-student-quarantine-issues-150180">provide a parallel quarantine pathway</a> for international students – without taking hotel quarantine spaces away from returning Australians.

New South Wales recently launched the <a href="https://www.tenders.nsw.gov.au/?event=public.scheme.showClosed&amp;RFTUUID=3E178749-AECF-E64F-52BC8491F542DAEC">International Student Accommodation Quarantine program</a>. The NSW government has invited student accommodation providers to apply to be assessed for eligibility (based on things like location and building layout) to house international students.

This is promising. We all agree bringing Australians home is a priority. But we have the capacity to bring back both. We know costs will be borne by students and education providers, and students will be subject to the same quarantine requirements and testing regimes already in place for returning Australians.

It’s just not good enough for the education minister to keep parroting the line returning Australians “<a href="https://www.skynews.com.au/details/_6238700355001">remain the priority</a>” over international students. If the government refuses to continue plans to bring students back, it must show them respect by providing a clear reason.<img alt="The Conversation" height="1" src="https://counter.theconversation.com/content/158778/count.gif?distributor=republish-lightbox-basic" width="1" wu8tx1wxf="">

<a href="https://theconversation.com/profiles/christopher-ziguras-956941">Christopher Ziguras</a>, Professor of Global Studies, <a href="https://theconversation.com/institutions/rmit-university-1063">RMIT University</a>

This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/the-government-keeps-shelving-plans-to-bring-international-students-back-to-australia-it-owes-them-an-explanation-158778">original article</a>.
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So far, only the Northern Territory has been able to bring 63 students to Australia, abysmal

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The government keeps shelving plans to bring international students back to Australia

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Although some student apartment markets are currently impacted by a lack of demand due to the fall in international students, investors can still secure a strong performing long-term investment.

Apartments in student markets more affordable than ever, and according to the Demographics Group’s Simon Kuestenmacher, international students will likely drive a correction in prices for student-focused apartments in the longer term.

“Sooner or later, international students will come back to Melbourne because the demand for a high quality, English-speaking, in-person university experience is not going to shrink while we’ve got those growth economies in Asia,” Kuestenmacher told Domain.

As one of Victoria’s best performing universities, Monash hosts more than 85,000 students at its various campuses around Melbourne.

Urban takes a look at five apartments perfect for students nearby Monash, ideal for scholars and academics, high-income postgraduates and investors.

<h2>Apartments close to the Monash Parkville Campus</h2>

Home to the university’s Faculty of Pharmacy and Pharmaceutical Sciences, the Parkville campus is made up of five buildings on Royal Parade and is close-by Monash Law’s city campus.

Property investors with investments in the surrounding suburbs benefit from the campus, which enrols around 1,100 undergrad and postgrad students, which attracts international students, part-time students and professional researchers.

1. Melbourne Grand, Melbourne 
Address: 560 Lonsdale Street, Melbourne VIC 3000 
One-bedroom apartments from $498,000

[smartcode_project:default project_id=3490]

Winner of the HIA ‘Victorian apartment complex of the year 2020,’ Central Equity’s Melbourne Grant provides an outstanding living experience.

Less than a kilometre away from Monash University’s Parkville campus, postgraduate students and investors alike will enjoy the residence’s ideal location.

The residence features various amenities, including resort-style facilities, residents’ lounge, 17-seat theatre and coffee bar.

2. Parkhill Apartments, West Melbourne 
Address: 408 Spencer Street, West Melbourne VIC 3003 
One-bedroom apartments from $479,000

[smartcode_project:default project_id=27406]

Although a bit further from the campus, three kilometres south, the well-connected Parkhill Apartments offers stylish residences on the fringe of the Melbourne CBD.

Delivered by Central Equity, the project benefits from bright apartments with up to 2.7-metre-high ceilings, spacious balconies and seven-day concierge service.

Located minutes from Queen Victoria Market, transport links and Flagstaff Gardens, this project is one to consider.

<h2>Apartments close to the Monash Clayton Campus</h2>

Clayton campus, the university’s main campus, boasts a student population exceeding 41,000.

The 1.1 sqkm site also hosts the majority of Monash’s 9,000 academic staff, as well as visiting researchers, scholars and doctoral students.

1. Aster Apartments, Clayton South 
Address: 456 Haughton Road, Clayton South VIC 3169 
One-bedroom apartments from $396,800

[smartcode_project:default project_id=4124]

Delivered by Cedar Woods and designed by DKO Architecture, Aster Apartments boasts affordable apartments in the award-winning masterplanned community, Jackson Green.

With over 4,700 sqm of public open space, residents at Aster can enjoy plenty of social spaces to connect with neighbours, just 1.8 kilometres from Monash’s main campus.

Clayton’s South is a hub for healthcare and education, connecting residents to employment opportunities, countless amenities and developed infrastructure.

2. M-City, Clayton 
Address: 2107 Dandenong Road, Clayton VIC 3168 
One-bedroom apartments from $371,300

[smartcode_project:default project_id=528]

Just 700 metres from the Clayton campus, M-City provides a sophisticated ‘mini-city’ in Clayton, within walking distance to grocery stores, restaurants, bars and more.

Shiavello’s development is situated in the lively Clayton, which has had an average annual growth of 12 per cent over the last three years.

Each apartment contains floor-to-ceiling glazing, spacious, private balconies and luxury resort-style facilities, including a heated pool, landscaped gardens and barbeque zones.

<h2>Apartments close to the Monash Caulfield Campus</h2>

Comprising over 13,000 students, the Monash Caulfield campus is the university’s second-largest.

Located within the Glen Eira City Council, Caulfield boasts good infrastructure, an excellent community feel and great schools.

1. 1060 Carnegie 
Address: 1060 Dandenong Road, Carnegie VIC 3163 
One-bedroom apartments from $459,000

[smartcode_project:default project_id=2882]

Located only 1.3 kilometres from the Caulfield campus, 1060 Carnegie enjoys the convenience of two train stations, four train lines and a dedicated tram route.

Beautiful parks, gardens and sport facilities provide vast amenity to students, homeowners and visiting scholars.

Delivered by Fortune Property Group and designed by Peddle Thorp Architects, the apartments feature landscaped lawns, rooftop garden and integrated storage space.

2. Equus, Glen Huntly 
Address: 28 Watson Grove, Glen Huntly VIC 3163 
One-bedroom apartments from $470,000

[smartcode_project:default project_id=28063]

Placed in the intimate suburb of Glen Huntly, Equus affords a superior quality of life in an exceptional location, just 11 kilometres south-east of the CBD and 1.2 kilometres from the Caulfield campus.

Owner-occupiers and investors will enjoy the area’s relaxed energy and family-friendly neighbourhood.

Equus comprises 39 apartments and offers outdoor entertaining areas, considered space and bright open space.
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According to the Demographics Group’s Simon Kuestenmacher, international students will likely drive a correction in prices for student-focused apartments in the longer term

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Student apartments for under $500k close to Monash University campuses

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A $40 million project to refurbish university-owned residences in Sydney’s inner-city Darlington has been approved by the NSW Government in an attempt to provide more safe and affordable accommodation to students.

Owned by the University of Sydney, the terraces will offer 336 students and visiting academics affordable single and double room accommodation across the original Darlington Road complex and four new buildings, between two and four storeys.

“Darlington Terraces will be renovated and four new buildings built providing new and improved student housing in the heart of the inner-city and within minutes of public transport,” Stokes said.

The development will also include new landscaping, park upgrades and public art, delivering broader benefits to the local area.

University of Sydney vice-chancellor Professor Stephen Garton welcomed the approval. 
 

<h2>Other residences ideal for students or investors in Sydney</h2>

While COVID-19 may have halted the flow of international students to Sydney’s inner-city, suburbs, an off-the-plan purchase offers investors an affordable asset as they wait for the borders to reopen.

Urban takes a look at three residences located in high-student populated areas nearby the city’s leading universities:

1. Eminence, Zetland 
Address: 811 Elizabeth Street, Zetland NSW 2017 
One-bedroom apartments from $745,000

[smartcode_project:default project_id=21882]

Delivering some of Zetland's most luxurious oversized apartments, Eminence is a new offering from Meriton. 

Located a short 600-metres from Green Square and 3.5-kilometres from the CBD, Eminence brings together beautifully-considered living environments with vibrant onsite amenities, including a childcare centre, podium gardens and retail.  
 

2. Polo Collection, Rosebery 
Address: 55 Rothschild Avenue, Rosebery NSW 2018 
One-bedroom apartments from $710,000

[smartcode_project:default project_id=7588]

Designed by award-winning architects SJB, Polo Collection comprises 275 luxury apartments in the conveniently-located Rosebery. 

Also delivered by Meriton, the four-building complex enjoys connected inner-city living, an expansive floorplan and green vistas thanks to the neighbouring Rosebery Park. 
 

3. Spectrum, Mascot 
Address: 42 Church Avenue, Mascot NSW 2020 
One-bedroom apartments from $620,000

[smartcode_project:default project_id=5873]

Strategically located under approximately five kilometres from both the University of Sydney and the University of New South Wales, Spectrum presents 367 spacious apartments across four boutique residential towers. 

Spectrum is surrounded by leafy walkways and podium gardens and offers ideal north and east aspects over the lush central park towards Sydney CBD in over 75 per cent of residences.
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Owned by the University of Sydney, the terraces will offer 336 students and visiting academics affordable single and double room accommodation

NSW Government greenlights Darlington Terraces rebuild for affordable student housing

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Investment in residential alternatives of all types is rising, global residential investment volumes exceeding all retail or industrial investment in the past year, according to new research from Savills. 
The latest Global Living report reveals that student housing investment volumes have risen 87 per cent in the past five years, with the provision of Purpose-Built Student Accommodation (PBSA) highest in the UK and lowest in southern Europe.
Savills Australia’s director for Student Accommodation, Conal Newland, said that the supply of new PBSA in Australia was growing in many of the major cities, underpinned by a lack of existing accommodation and strong student population growth.
“As the 20- to 39-year-old age bracket becomes more prevalent in the rental market, the increasing influence of Gen Y’s demand for higher-quality rental accommodation is creating opportunities for developers to provide hybrid co-living developments,” he said.
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“The recently completed UKO Stanmore is an example of a communal accommodation option available in Sydney, which has been delivered under the new generation boarding house planning designation.”
UKO is Australia’s first co-living residential series emulating similar concepts in Europe, the UK and the US, with its Stanmore offering comprising 33 units. Developments in Newton and Paddington are set to follow.
In Melbourne, there is Urban Coup, which comprises 30 households ranging from first-home buyers to young families.
Mr Newland went on to say he expected “a steady increase” in PBSA transactions in the short term, which he believed would be the catalyst for a surge of investment into other residential-based asset classes.
“Increasing transaction volumes will, in our opinion, drive down PBSA yields in Australia, which currently sit much higher than other more mature markets, such as the UK and many European countries,” he said.
The report outlines the growing popularity of co-living across the globe, which is a more luxurious form of share-housing and extends the convenience and amenity of PBSA to non-student markets. Targeted at graduates and young professionals, as well as students, co-living accommodation offers fully furnished units, extensive amenities, community events, all-inclusive bills and pro-active management.
“Given the increasing global capital flows attracted to a growing range of residential investment opportunities, Australian lawmakers should be mindful of passing legislation that may reduce the attractiveness of investments, or this country may run the risk of becoming less attractive to millennials and Gen Zs looking to study, live and work here,” Mr Newland concluded.
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Student accommodation and co-living drive residential investment in Australia

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A planning application has been lodged for a proposed $85 million student accommodation tower in the Adelaide CBD, set to become the tallest purpose-built student-only accommodation building in the world.
The application for the 124.2 metre tall tower has been lodged by developer Hines Property on a site it owns at 29 Twin Street between Grenfell Street and Rundle Mall adjacent the Ibis Adelaide Hotel (also developed and owned by Hines Property).
The world’s tallest student accommodation building is currently the Student One Wharf Street tower in Brisbane at 122 metres tall.
Hines Property has planned the 38-storey solely student-use development with architecture firm Woods Bagot.
The building will include a range of accommodation options from single studio rooms through to five and six-bedroom apartments, incorporating a total of 510 beds.
In addition to the ground floor lobby and cafe, the tower will include a communal mezzanine lounge, cinema and events space, study and dining area, garden retreat and rooftop lawn, gym, wellness and yoga space. 
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Construction of the 29 Twin Street project is anticipated to commence next year and take 18 months to complete.
James Hines, Managing Director of Hines Property said:
"There are already over 10,000 international and interstate students enrolled at the city-based universities and they provide a significant economic benefit to the state.
"This development will undoubtedly be the drawcard accommodation option for students considering Adelaide as a destination to undertake their studies."
Established in 2003, Hines Property is a privately-owned property development and investment group focusing on high-rise residential, office, hotel and mixed-use development projects.
Hines Property is also the largest owner of hotel accommodation in Adelaide, with more than 600 hotel rooms in its portfolio, including the Pullman Adelaide Hotel and the Ibis Adelaide Hotel.
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World's tallest student-only accommodation tower proposed in Adelaide

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Student accommodation provider GSA are set to buy a 130 bed residence in Royal Parade, Melbourne, close to the University of Melbourne’s main Parkville campus.
Price is undisclosed. GSA purchased the building from Whitely College and will take ownership in 2017, int he meantime submitting plans to renovate the property.
GSA’s currently has a 346 bed development on development on Pelham Street, Carlton with completion and occupation set for 2018.
GSA are currently moving their Asia-Pacific headquarters from Hong Kong to Sydney. GSA's managing director of Asia Pacific, Simon Loveridge, will move from Hong Kong to Sydney as part of the relocation.
The Hong Kong office will continue as GSA’s Investment Management base in the region led by Victor Lor, head of investment management for Asia Pacific. 
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GSA to buy Parkville, Melbourne student residence

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Australia is a popular destination for international students, particularly from Asia.
China and India together supply nearly 40 percent of international students, an increase of more than 13 percent and 15 percent respectively in 2015.
Total higher education enrolments grew by 2.7 percent over the same period. 
Growing demand is set against a general shortage of supply. The provision rate stands at 6 percent, which is low compared to mature markets such as the UK at 24 percent. In response, a number of universities have commenced on-campus procurement projects and private operators are rapidly expanding their pipeline. 
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More than AU$2 billion of capital has been earmarked for development projects in student accommodation since the start of 2015. The top ten providers currently own a total of 20,136 beds and have a combined development pipeline of 15,469, representing an increase of approximately 75% on their existing stock. 
Scaling up on new delivery presents challenges. Competing land uses, particularly from a strong residential sector, have pushed up land values and made development for PBSH unviable in some markets, most notably Sydney. 
Federal and state governments have recognised the shortage as a limiting factor in the future development of the country’s higher education sector (already Australia’s third biggest export, after iron ore and coal), and a number of strategies to enable new development are in the pipeline. 
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As an emerging market for student accommodation, transactional activity is limited as completed assets are generally tightly held. Savills research indicates there were just two transactions of operational residences totalling nearly AU$90 million in 2015. 
In 2016, Infratil (HRL Morrison) secured a 30 year concession of ANV’s portfolio of 3,760 beds and UniLodge @ UNSW was transacted at a net initial yield of circa 5.6 percent. 
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Australia's student housing plays catchup to meet foreign students influx: Savills

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English-speaking countries like the UK, US and Australia will take the lion’s share of the international student market but will face increased competition from European institutions, according to recent research from Savills.
The firm's latest <a href="https://pdf.euro.savills.co.uk/global-research/spotlight-world-student-housing-2016-2017.pdf">World Student Housing Spotlight</a> says that as the world's student population becomes increasingly mobile and education becomes globalised, international student populations will continue to rise.
Australia had largest proportion of of international students compared to domestic students within a country, with 26% of all students coming from overseas.
European institutions are actively trying to increase their international appeal, according to Savills. A large part of this appeal has been the increase of courses taught in English. 
English is an important language in the international business space, particularly with prospective employers, therefore tuition in this language has carried significant weight with prospective students.
"Attracting international students is important to a city's local economy as well as the bottom line and diversity of a university," the report said.
"These students often pay higher fees, spend more on both accommodation and living, and bring new insights and cultural perspectives to a country.
"The first case study of the success of this tactic came from the Netherlands, who were one of the earliest European countries to move towards English language tuition at scale."
The Netherlands now boasts the largest numbers of enrolled students on English taught programs (ETPs) making up 7.2% of their total student body, the report said.
<a href="https://www.propertyobserver.com.au/images/2017/03/20/March22CommPropChart.png" target="_blank">Click to open chart in new window</a>
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"In Denmark, while they don't have as large a number of students enrolled in ETPs, the students that are enrolled make up 12.4% of the total student body," the report said.
"Germany, on the other hand, while they have a large number of international students overall, do not have nearly as many of them studying ETPs, and those that do make up just 1% of their total student population.
"With considerably lower living costs than their counterparts in the US, UK and Australia, and many universities appearing in top global rankings, European institutions are a very attractive proposition for international students."
Savills said this rise in the international student market is creating opportunities for housing developers.
"A growing, internationally-mobile student population has fuelled demand for purpose-built student accommodation across the world.
"Investors may do well to watch for countries and cities that benefit from a diverse international demand base, or particular fast-growing outbound markets."
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Australia to face increased competition from Europe for overseas students: Savills

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A 445 sqm landholding near Swinburne University's Hawhtorn campus has been listed for sale.
It is being billed for a multi-level residential or student accommodation redevelopment.
Colliers International’s Hamish Burgess is marketing the property with $3 million hopes.
The <a href="https://www.colliers.com.au/31771/%7B9aa36502-522a-4b99-a8c2-04e5e41b47dd%7D/" target="_blank">George Street property</a> is being marketed as highly suitable to student accommodation.
Any multi-level development has a discretionary height allowance of 22 metres.
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“The site is positioned in the Swinburne education precinct and will appeal to both residential and student accommodation developers,” Hamish Burgess said. 
He said the site’s flexible Commercial One zoning under the City of Boroondara, position in the Swinburne education precinct.
Subject to council approval, buyers are likely to capitalise on the demand for both residential and student housing here, he said.
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Developers canvassed for landholding in Swinburne University precinct

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A student accommodation provider has put a portfolio of 14 long-term leasehold properties in central Sydney on the market through Savills.
The Furnished Property business currently provide 326 beds in 203 bedrooms and offer student and short-stay accommodation.
The listing comes amid a trend of increasing student numbers in the Harbour City. 
Full time international student numbers in Sydney’s five largest central Sydney universities showed strong growth in the last two years of available data (2014/2015) with increases of 4,115 and 3,221 respectively, according to Savills. 
Anecdotally, it appears that this growth has continued in 2016/2017, it says even as supply struggles to keep up with demand.
Savills Research indicated that 2,022 beds are in the development pipeline with development approval, or under construction, with expected completions from 2018-2020. 
The marketing is being handled by Conal Newland of Savills Australia.
<a href="https://www.propertyobserver.com.au/images/2017/06/21/SAVILLSSTU.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/21/SAVILLSSTU.png" alt="">
Newland had previously noted that there was a <a href="https://www.urban.com.au/expert-insights/56099-student-accommodation-not-meeting-supply-in-sydney" target="_blank">"critical undersupply"</a> of appropriate Purpose Built Student Accommodation (PBSA) in Sydney.
The Furnished Property portfolio currently targets students, but is flexible enough to attract other occupiers.
“First established in 2001 by the current owners of the Furnished Property Business, the portfolio has steadily grown over the last 16 years. Its extensive track record of profitable performance demonstrates excellent margins and growth and includes a diversified range of accommodation offerings,” said Newland.
The portfolio comprises self-contained studios, one and two-bedroom apartments, together with twin and triple shared bedrooms. Most properties have communal facilities.
The majority of the properties are within 3.5 km of the Sydney CBD and all are close to amenities and public transport, according to Savills.
The expressions of interest campaign for Furnished Property closes July 19. 
“This portfolio presents an existing opportunity to acquire a well-established student housing business with significant opportunities to enhance returns and expand further into Sydney’s buoyant short-term accommodation market,” Newland said.
 
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