A development application for a AU$70 million (US$54 million) Student Accommodation Tower has been lodged in Perth’s central business district (CBD) by Blue Sky Real Estate.
Located at the corner of Pier Street and Wellington Street on the old Wellington Street Army Surplus store site, the proposed 30-story tower contains 713 beds in 373 units, together with student-orientated communal facilities and three ground-level commercial tenancies.
Blue Sky Private Real Estate entered into a joint venture with Goldman Sachs last year to tap into the growing student accommodation sector, with plans to build a AU$1 billion (US$.77 billion) portfolio of dormitories across Australia and New Zealand.
The tower, designed by Hayball Architects, will rise directly opposite the proposed World Trade Center and McIver train station.
The purpose-designed facility aims to accommodate higher-education students, visiting academics, and teaching staff.
Perth’s student accommodation market is relatively immature when compared to Australia’s other capital cities. The market is dominated by university-operated accommodation, with only seven commercially operated Purpose-Built Student Accommodation (PBSA) locations in the city in 2016.
It is estimated that there were around 4,903 available beds serving close to 79,000 full-time students, representing a market penetration rate of 6.2%.
According to the proposal, the development represents an exciting opportunity for the City of Perth to substantially increase its daytime and nighttime population – providing immediate vibrancy and support for local businesses.
“In particular, the proposed development will support recent City and private-led efforts to revitalize the east end of the CBD,” the proposal said.
Rooms range from single and twin studios to three-, four- and five-bed clusters. The clustered rooms feature shared spaces to promote communal living and separate spaces to study and eat.
The development’s design was inspired by the landscape colors of Western Australia, and utilizes layers of tonality, clean lines, and raw materials.
The interiors feature dappled natural light through perforated screens and integrated indoor/outdoor spaces that help provide a sense of calm retreat from the outside world.
This submission is the fourth development for student accommodation in Perth’s CBD in just over a year.
Together, the projects will add 2,000-plus residents to the CBD within a couple of years, reinvigorating underused parts of the city.
The submission was lodged with the City of Perth’s Local Development Assessment panel in early September.
For more on this story, go to The Urban Developer.