Plans for a new $110 million student accommodation facility in Adelaide’s CBD have been lodged.
British based student accommodation company GSA are looking to expand their impressive portfolio having already acquired sites in Melbourne and Perth.
The proposed 725-bedroom tower is located on North Terrace adjacent from the University of Adelaide and the University of South Australia’s city east campus and will be made up of studios and shared apartments.
GSA Group chairman Nicholas Porter said: “Australia continues to remain one of the strongest regions for prime student accommodation across mature and emerging markets, and the Australian portfolio is therefore well positioned to deliver strong investor returns as a result of its first-mover advantage.”
It comes amidst the COVID-19 crisis which has seen international student return home and travel restrictions cause vacancy rates to soar in many of the capital cities short term rental market.
The new student accommodation building is scheduled for completion in 2022, with Adelaide-based contractors, Synergy Construct, set to deliver the project.
GSA was founded back in 1991 in the UK and now operates across 8 countries and 33 cities worldwide, aiming to manage 250,000 student accommodation beds by 2025.