Paradise student housing tipped to fetch $17m

Student accommodation at Paradise in Adelaide’s north east has been relaunched to the market with a $17m price guide. Picture: Colliers More than a dozen student housing buildings in Adelaide’s north are expected to sell as a package in a whopping $17m deal. The three freehold properties in Paradise include 14 buildings with 110 bedrooms for students on a 2296 sqm site. There are 10 buildings at 2A-6C Woodmere Ave with 70 rooms, three buildings at 1-3/1 Norman St that have 33 rooms and one building at 17A Gameau Rd that has seven rooms. The portfolio – which is being sold by Justin Hazell and Jordan Schmidt of Colliers and Conal Newland and Paul Savitz of Cushman & Wakefield – is 97 per cent occupied and tipped to generate a combined net income of about $1.51 million in 2026. It is expected to fetch $17 million and a roughly 9 per cent yield. Student accommodation at Paradise in Adelaide’s north east has been relaunched to the market with a $17m price guide. Picture: Colliers In addition to the student accommodation, prospective investors will also be offered the opportunity to purchase further leasehold interests and the business that operates and managed the portfolio. Combin...