Developer Hines Property has lodged plans for a new $85 million tower in Adelaide’s CBD that would become the tallest purpose-built student-only accommodation building in the world.
The 38-storey Woods Bagot designed tower, located at 29 Twin Street, would stand 124.2 metres tall should the application be approved.
The world’s current tallest student accommodation tower standing 122 metres high, also calls Australia home, known as One Wharf Street Tower located in Brisbane.
Managing director James Hines says the building is a response to significant demand in the PBSA sector thanks to the nation’s swelling numbers of interstate and international students.
“There are already over 10,000 international and interstate students enrolled at the city-based universities and they provide a significant economic benefit to the state,” Hines said.
“This development will undoubtedly be the drawcard accommodation option for students considering Adelaide.”
Australia is the third-largest market for international students, behind USA and Britain, attracting significant investor interest to the PBSA market.
Earlier this year student accommodation developer Scape secured financial backing of $1 billion for its student accommodation fund, enabling Scape to drive a project pipeline with a gross development value of more than $3 billion in the flourishing PBSA sector.
The Adelaide tower will comprise a total of 510 beds and include a range of single studio rooms through to five and six-bedroom apartments.
Associate principal at Woods Bagot Alex Hall said the development site presented an opportunity for the team to create a simple singular design for a slender tower.
“A three-level lobby void will respect and respond to the adjoining Gays Arcade while creating a transparent, somewhat floating podium for the tower,” Hall said.
The development will also include a cafe, a communal mezzanine lounge, cinema and events space, study and dining area, garden retreat and rooftop lawn, gym, wellness and yoga space with views of the city and Adelaide Hills.
Construction of the project is expected to begin in 2019 and take 18 months to complete.