Elizabeth Street, Melbourne
Following the Fund’s first investment into the Australian market (Pelham Street, Melbourne) in February 2016, December 2016 saw a second addition to the portfolio with Elizabeth Street, Melbourne.
The property will accommodate 371 study beds, supported by extensive social and study facilities throughout the scheme. It is located opposite the University of Melbourne and just 50 metres from our existing Pelham Street investment, which will allow the two properties to operate in tandem and providing synergies in operations and amenities.
Melbourne was ranked number 2 in the world according to the ‘2016 QS Best Student World Cities’. Inner City Melbourne has over 100,000 students and only 9,500 purpose built beds, resulting in a significant undersupply of high quality student accommodation. Domestic student numbers have been growing at 3.3% annually, whilst Melbourne is also seeing a similarly strong growth rate in numbers of international students who comprise 37% of the total inner city student population.
Stirling Street, Perth
December also saw GSA Coral partner with Perth-based Stirling Capital to deliver the first inner-city student accommodation facility in Perth, Western Australia.
The new 24-level, 571 bed development will provide an alternative to traditional shared housing for university students, and make Perth a more attractive option for overseas students. The scheme will feature a mix of fully self-contained studios and shared apartments which are part of a unique living and learning environment that includes several communal study areas, a 15m lap pool, gym, library, rooftop outdoor space with a cinema and bar.
The Stirling Street location is an emerging urban village at the heart of the city’s cultural precinct. The area is highly accessible to all universities and public transport. Perth is home to some of Australia’s leading educational institutions with the University of Western Australia ranked in the top 100 Universities in the world. Perth is also a highly desirable location ranked as one of the world’s leading urban destinations for international students.
Construction of the facility located on Stirling Street, Northbridge, will begin in early 2017 and it is set to be completed in time for the start of the 2019 academic year. This is the first privately operated purpose built student accommodation facility to be developed in central Perth, and another example of the unique investment opportunities accessible to GSA Coral.