The global pandemic has not slowed down interest in the Australian higher education sector, with Singaporean Wee Hur Holdings buying a BP Service station for $46.1 million, with plans to develop a purpose built student accommodation (PBSA) facility in the inner city suburb of Redfern, just 3km south of the Sydney CBD.
Located at 104-116 Regent Street, Redfern, the development controls applicable to the 1,366sq m* site include a FSR of 7:1, an 18 storey building height control and a ‘Business Zone – Commercial Core’ land zoning which permits a large variety of uses including retail, commercial, tourist and visitor accommodation, student accommodation, residential flat buildings or a combination of these permitted uses. There is also a 20 percent PBSA bonus FSR available.
The property has capacity for 384 beds, subject to council approval and boasts two extensive street frontages, being Margaret Street to the south, Regent Street to the east as well as rear lane access to the north-western corner of the site off William Lane and was sold through Stuart Cox, Neil Cooke and Johnathon Broome of Savills Residential Site Sales.
Managing Director of Intergen, Mr Dennis Kalofonos ,who is working with Wee Hur to acquire development sites across the major capital cities of Australia, (with eight acquisitions to date in Sydney, Melbourne, Adelaide and Brisbane) said “The development of the three student facilities will establish Redfern as one of Sydney’s most sought-after student accommodation precincts, being located close to University of Sydney and the University of Technology.
“Student accommodation is about to bounce back quickly post-COVID and Wee Hur is well placed to capitalise on the revival of this sector and the economy through its timely development and operation of centrally located student accommodation facilities in Australia’s major capital cities,” he added.
The Redfern site is located 150 metres from Redfern Railway station and 300 metres from the proposed Waterloo Metro Station, while being a short walk from the Australian Technology Park.
Stuart Cox, Director, Residential Site Sales at Savills Australia said “This acquisition will see an unprecedented return on investment for Wee Hur Holdings, with the final PBSA project capable of yielding 9,562sq m* of potential GFA under the existing controls or 11,474sq m* including the PBSA 20% bonus floor space available as part of this zoning.
“Panoramic CBD and district views are expected from the future project which will underpin the Gross Realisation potential of the site,” he site.
Neil Cooke, Director, Residential Site Sales at Savills Australia said Redfern has undergone significant gentrification over the last decade and now proudly presents as one of Sydney’s most desirable city fringe suburbs adjoining the affluent established Surry Hills.
“Furthermore, the site is ideally located centrally between Redfern Railway Station and the proposed Waterloo Metro Station, with direct access to Sydney CBD and Barangaroo to the North, Sydney’s exclusive eastern suburbs beaches to the east and Sydney Domestic and International Airports to the South.