Student Accommodation

Student accommodation giant Scape has stepped up its commitment to the under-pressure sector and tapped a series of heavyweight global investors as it readies itself for a comeback in the area once students return.

The country’s largest student accommodation provider Scape is backing a long-term recovery in the international market and has proposed a series of futuristic buildings in Sydney to accommodate the wave of returnees once the coronavirus pandemic has passed.

An almost $10 million project located three doors down from the site of a recently rejected redevelopment proposal would provide a mix of residential apartments and student accommodation in inner Hobart.

The country’s largest student accommodation provider Scape Group has warned occupancy levels in the sector could plunge unless the federal government prepares a scheme to allow international students to return from countries that have controlled coronavirus outbreaks.

German investment house Allianz is defying fears about the virus crisis crippling the student accommodation market and has snapped up a pair of student housing buildings in the heart of Melbourne for almost $460 million.

Australia’s largest student accommodation group wants a “controlled” program to allow foreign students into the country to help stimulate an economic recovery in the education sector.

Listed property group Mirvac and developer John Holland are pushing ahead with a five tower precinct above Sydney’s planned metro railway station in inner-city Waterloo, tapping student accommodation operator Iglu to run a tower for 500 students.

The country’s largest owner and operator of student accommodation, Scape Australia, has defied the coronavirus crisis to close the $2bn acquisition of the rival Urbanest business and has called for “balanced consideration” in the relationship with China.

Accommodation vacancies have surged across Australia after a growing exodus of foreign students and workers, prompting warnings that rents and house ­prices will come under severe pressure this year as the economy ­enters a major downturn.