News

Marquette Properties has snagged a Brisbane CBD office building at a 25 per cent discount to the price it last traded for eight years ago, after it sat on the market for over 18 months.

Far East Orchard, through its subsidiary, Osborne Street Development Ltd, has acquired a plot of land in central Glasgow, Scotland for GBP3 million ($5.1 million). The site is intended to be developed into a purpose-built student accommodation (PBSA) of 273 beds.

The 544-bed building got the go-ahead after government planning chiefs overturned a decision by the council last week (8 March). It means an office in Westwood Business Park will be knocked down and the block, six storeys at its highest point, will be built in its place.

Due to welcome residents from September 2024, London and South Capital have employed the services of Prestige Student Living to manage the property on their behalf.

US property firm Greystar expects to spend more than 1.4 billion euros ($1.53 billion) on European real estate this year as it looks to seize on recent price falls in France and Germany, its executive director told Reuters on Tuesday.

The stampede to build student accommodation in Glasgow has spread north of the city centre to Port Dundas. A development providing 454 student bed spaces in two blocks is being proposed for part of the former Port Dundas Distillery site at Borron Street.

Brookfield plans to convert a residential project in the heart of the Melbourne CBD to student accommodation. Brookfield now wants to build a 39-storey student-accommodation building comprising 1013 lodging rooms and 1038 student beds, 425sq m of retail space and 2310sq m of communal space.

Whitbread PLC, the UK's largest hotel business and owner of Premier Inn, and its development partner Olympian Homes have secured planning consent from Bristol City Council to redevelop the site of the Bristol City Centre (Haymarket) Premier Inn.

Cedar Pacific and CBRE Investment Management have launched a green loan partnership with Sumitomo Mitsui Banking Corporation (SMBC), a milestone in sustainable financing for the purpose-built student accommodation asset class.

A joint venture between The Scion Group and an institutional investment partner has acquired The Aves at Twelve100, a 507-unit, 1,527-bed student community in Orlando, Fla., serving the University of Central Florida. Harrison Street was the seller, according to Yardi Matrix data.