Profiling the next wave of Melbourne student accommodation builds
A trio of current construction tenders are heralding the next wave of student accommodation builds that will aid in servicing the sector.
Three major projects are at tender; 183-189 A'Beckett Street, 625-631 Swanston Street and 500 Swanston Street. Combined they stand to add in the vicinity of 2,140 additional students beds.
Largest is Wee Hur Holdings' A'Beckett street plot which the developer pounced upon after it was offered for sale with approved plans for an apartment development in tow. 183-189 A'Beckett Street forms an integral plank in Wee Hur Holdings' expansion into the student accommodation sector.
The pending build will form part of an expected portfolio of developments that will eventually contain 3250 beds across Australia.
Hayball have conceived the redesigned tower which spans 48 levels, and are also responsible for 625-631 Swanston Street. Dubbed Little Hall, that mid-rise build aims to deliver 669 students beds in conjunction with the University of Melbourne opposite Carlton's Lincoln Square.
Little Projects head Paul Little is backing the development, with a personal donation used to fund a new “philanthropic” model of student accommodation where at least $2 million of returns from the hall will be used to fund a scholarship program.
A head contractor is on track to be appointed and commence works by October 2018, with a 2020 completion date in mind.
Demolition works have just wrapped up at 500 Swanston Street. The former CFMEU headquarters has made way Journal Student Living's next Melbourne project. When appointed the prevailing builder will construct a METIER3-designed tower that includes near on 600 student beds and an activated laneway at street level.
The current tenders follow on from Watpac announcing last month that it was awarded a $49 million contract to build 123-135 Bouverie Street. That project involves the delivery of 579 beds for developer Cedar Pacific, with the building to be managed by UniLodge.
A sweep through Urban.com.au's current Melbourne student accommodation builds sees a dozen projects at construction, combining to add 4,385 new beds to the sector.
The dramatic slow in new development applications is in part reflective of the industry's rapid delivery of student accommodation builds in recent years to match latent demand. No new major development applications have been lodged this calendar year for student accommodation projects across inner Melbourne.