Two student accommodation towers have been added to the Melbourne CBD with the completion of work on the joint-venture projects by CBRE Investment Management and developer Cedar Pacific’s Accommodation Trust.
Purpose-built student accommodation is in great demand as international students numbers returning to Australian capital cities pick up, putting more pressure on the rental housing market if they can’t find specific student accommodation.
It also neans investors interest in the market has ramped up.
The two towers are UniLodge Melbourne Central, a 46-storey, 714-bed tower at 293-303 Latrobe Street, near RMIT University, and UniLodge Melbourne CBD, a 37-storey tower with 652 self-contained studio and multi-share apartments near RMIT and Victoria University City Campus.
The latter is an adaptive reuse project that has restored and preserved the facade of the Victorian Printing Works building on Wills Street.
Cedar Pacific chief operations officer Paul Fell said sky lounges, bespoke cinemas, study spaces, social areas and gyms were some of the amenities in the buildings.
“Cedar Pacific will work closely with the major universities in Melbourne to ensure their students, who will occupy these buildings, have the best living experience possible while they pursue their education goals,” Fell said.
“They will experience best practice physical amenity supported by pastoral care of the highest standard.”
Both towers have been built to achieve 5 Star Green Star ratings and will have Climate Active certification with carbon neutrality targets when operational.
The Cedar Pacific and CBRE joint venture has three purpose-built student accommodation assets currently in operation with another two in development.
Blackstone Real Estate Debt Strategies Group provided the debt funding for the project, NettletonTribe was the architect and Icon was the builder. UniLodge will manage the properties.
Cedar Pacific currently has 10,200 beds in its purpose-built student accommodation portfolio in Australian and New Zealand. Around 1400 of those beds are under development.
Meanwhile, last week, the City of Melbourne endorsed a series of priorities to make Melbourne a more welcoming space for new and returning international students.
