The property group behind the $1.5-billion Atlassian tower and Tech Central precinct have put together another key project for Sydney.
But sector-agnostic Avenor has changed asset classes to tackle the significant undersupply of purpose-built student accommodation.
Avenor chief executive James Paver told The Urban Developer they pieced together the 35 titles over a “couple of years” to create a 3778sq m site at Kingsford.
They engaged Sydney placemaking architects SJB to design a 674-bed student accommodation project, to be called Kingsford Green, which comprises 14-storey and 9-storey towers atop a shared podium.
The project, slated for the University of NSW precinct, would be next to Scape Kingsford and the Kingsford light rail station, and aligns with the Randwick Council’s vision for Anzac Parade.
Paver said they wanted to solve for the council’s aspirations for the area, much as they had worked to solve a lack of office space for start-ups in the Tech Central deal.
“We’ve put a pause on major commercial development while the commercial market has been subdued, and part of this has meant moving into other growth markets,” he said.
“[Student beds] is exactly what’s needed down there. It’s the fastest way for us to unlock existing residential stock in the east by delivering this alternative product for students to move into.
“It’s a massive undersupply. The demand is well in excess of the supply, so this won’t even touch the sides [when it comes to addressing demand].”
Paver said there was a strong commitment to providing amenity and community facilities in excess of 700sq m on the ground floor to accommodate programs and services for the broader precinct.
“The team has refined designs in line with feedback from Randwick Council and their Design Excellence Panel to make sure we’re delivering meaningful public outcomes,” Paver said.
“The most meaningful outcome though is the relief it brings to rental pressures in the area near Prince of Wales Hospital and the new affordable housing that our contributions will bring online in the east.”
Future residents will have access to more than 2000sq m of shared amenity, including rooftop terraces, lounges, wellness facilities, games rooms, communal kitchens and dedicated study spaces.
The development would also offer a diverse mix of room types, including studios and two-bedroom apartments—many with an outlook over Dacey Gardens and the eastern suburbs.
Paver said the project was not eligible for fast-tracked planning pathways as student accommodation had not been included in the Housing Accord.
PBSA can relieve pressures on the rental market, however, and Paver said delivering new student beds would unlock existing rental stock that was more affordable.
The project is due to go on exhibition this week and Paver said they hoped to break ground next year with a view to getting students in for Semester 1, 2029.
While it is focused on the planning process for now, the developer is looking at whether it will form a PBSA partnership with an operator or tool-up to become an operator.
Paver said PBSA presented an opportunity to “choose your own adventure” and create the value proposition for the development. Kingsford Green comprises a significant amount of landscaping and greenery, which he said helped to ensure that the student experience was the best it could be.
