Summary:
- Scape, through its The Living Company arm, acquired a permit-ready student accommodation site in Redfern, Sydney’s inner south, for $49.5 million. The 2017 sqm State Significant Development zoned site includes approval for a six-storey building with 200 co-living student apartments and 778 sqm of non-residential space.
- The seller, EG Funds, originally purchased the site in two stages during 2020 and 2021 for a combined $36.6 million. The sale attracted nine offers, reflecting strong investor demand for well-located, fully approved student housing projects in Sydney’s competitive rental market.
- This transaction marks one of the largest co-living site sales in Sydney this year and aligns with broader sector activity, including recent high-value student accommodation deals in Newtown, Kingsford, and Glebe, highlighting growing capital interest amid the city’s housing challenges.
Original article:
https://www.realestatesource.com.au/student-accommodation-giant-buys-sydney-site/
