The $510 million Gold Coast Commonwealth Games Athletes Village will be turned from six-bed competitor accommodation into two-bedroom units when the event finishes, The Australian reported.
The 1250 dwellings, which will house more than 6500 athletes and staff during the two week event in 2018, will be turned into homes.
The accommodation will be owned by an international joint venture backed by the Abu Dhabi sovereign wealth fund and managed by Grocon and investment bank UBS in an Australian-first “multifamily market” rental model.
Grocon head of development Dan McLennan told The Australian the Games accommodation was being built to specific requirements for the athletes and the subsequent Para-Sports Games.
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“We take out (what would be) walls and create a three-room dwelling with three bedrooms that can sleep six athletes,” Mr McLennan said.
“What would otherwise be a lounge room is a bedroom. Then that can convert (post-Games) into a two-bedroom unit.
“With the kitchens, we go back afterwards and retrofit the kitchens and appliances.”
He said the athletes’ mess hall would be turned into a shopping precinct after the games.
Mr McLennan said he expected strong demand from medical-industry professionals and students, given the village location in the government’s Health and Knowledge Precinct.
He also said there was an opportunity to use the institutional ownership structure for social and affordable housing.