The sale price of an Adelaide site earmarked for a massive $400m tower that will create much-needed new homes for students has been revealed.
Student accommodation operator Journal Student Living acquired the 2747 sqm corner site on North Tce for $26.29 million – or $9570 per sqm.
It plans to develop a $400m student accommodation development that marks its entry into the Adelaide market.
The building, which is expected to be one of Adelaide’s largest student housing complexes, will be opposite the newly merged uni campus on the corner of Frome St.
It will have three frontages to North Tce, Frome St and Vaughan Place.
JLL’s Ben Parkinson and Jack O’Leary sold the site on behalf of Renewal SA, fielding more than 85 inquiries throughout their sales campaign.
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Artist impression of what the $400m student accommodation development earmarked for North Tce will look like. Picture: Supplied.
Mr Parkinson said investors were drawn to the site’s scale, triple-street frontage and development scope.
“The buyer recognised the site’s potential to deliver a city-shaping project that complements the momentum of the East End and the transformation underway at Lot Fourteen,” he said.
“The depth of inquiry and the ultimate sale result demonstrate strong confidence in Adelaide’s next phase of growth.”
Mr O’Leary said JLL’s research suggested there was a shortfall of more than 6776 purpose-built student accommodation beds in Adelaide.
“This project is crucial, especially as there are only 706 beds currently under construction with 2060 beds approved in the pipeline,” he said.
“Adelaide’s 21 per cent ratio of completed beds to student commencements highlights a significant supply gap that this landmark development will help address.”
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Artist impression of the entry foyer and public area at the proposed new student accommodation tower on the corner of North Tce and Frome St. Picture: COX Architecture
COX Architecture, the team behind the Adelaide Oval redevelopment and the National Wine Centre of Australia, will design the tower.
The number of storeys and beds it will have are still being planned, but it will include a large public plaza with ground-floor retail and cafes, plus open-air seating.
It will have a 60-40 mix of studio and shared accommodation, with extensive outside and indoor communal spaces.
Open‐plan study areas, lounges, a cinema, entertainment complex, library and a gym will space across multiple levels for residents.
– with Lynton Grace
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