Unilodge Perth Central

The opportunity comprised a late stage acquisition of a de risked development site in the Perth CBD, with existing planning approval, in ground construction works completed and an operator identified. This positioning materially reduced delivery risk while providing exposure to a high quality purpose built student accommodation development opportunity.

The site presented the opportunity to deliver a PBSA asset within a deeply undersupplied student accommodation market, characterised by minimal vacancy across existing assets. Perth’s international student market has continued to grow in recent years, with additional demand expected following the completion of Edith Cowan University’s approximately $850 million Perth CBD campus. Once fully operational, the campus is forecast to accommodate more than 10,000 students, significantly increasing the need for dedicated student accommodation within the CBD.

MaxCap partnered with Australian Unity and Sirona Urban to acquire the de-risked development site and deliver a 736-bed PBSA asset in the Perth CBD via a joint venture partnership.

The partnership engaged with leading partners and consultants to assist the delivery of a best-in-class PBSA asset in the Perth CBD including:

• Australia’s leading and largest specialist student accommodation operator, UniLodge, was engaged immediately upon acquisition to assist deliver an optimal product prior to its management.
• Hayball design to ensure the newest PBSA specifications to ensure current and future student preferences are met.
• Construction completed by Tier 1 builder, Built, with extensive experience in Perth and the PBSA sector.