Construction has commenced on the student accommodation project, Iglu Brisbane, located at 65 Mary Street in Brisbane's CBD.
The Batessmart Architecture designed 23-storey building will include 414 student rooms plus two levels of communal space.
Iglu Brisbane is set to help relieve the student housing shortage where it was recently reported in JLL's Australian Student Accommodation Market Update, that Brisbane had only 4,000 beds, accounting for only 8 per cent of the city's total number of around 110,000 students.
The Brisbane student accommodation project is the first for Sydney-based company
Iglu who recognised that there was growing demand for this type of product.
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Iglu Director Jonathan Gliksten told The Courier Mail that there is changing attitude to student accommodation.
“There was a previous approach that cheap and cheerful was enough,” he said.
“But we find students from anywhere in the world are more discerning about what they are after."
The site was appealing due to its location close to the CBD.
“Brisbane is a student-friendly city and there are three excellent universities as well as some good colleges,” he said.
Iglu Brisbane will offer studios and six-room apartments, expected to start at about $300 per student per week including utilities, on-site security and furnishings.
Communal facilities will include lounge areas, a movie room, table tennis, team study rooms, barbecues and a yoga studio.