Flinders University secures priority access to The Switch student tower

Flinders University has secured priority access to one of the city’s newest student accommodation offerings ahead of the opening of a new city campus in 2024.

Flinders University students will be given priority access to one of the city’s newest student accommodation offerings as part of a deal struck between the university and global property group Nuveen Real Estate.

The Switch tower on North Tce opened in May, offering 347 beds in a mix of studio and shared apartments across 34 levels.

Targeted at students and young professionals, the property features a communal “sky lounge”, theatre, communal kitchen, study and co-working spaces, laundry and shared bamboo bikes.

Flinders will have preferential access to available beds in the building as the university prepares for the opening of its city campus at Festival Plaza in 2024.

Flinders University vice president of corporate services Mark Gregory said the arrangement with Nuveen gave students a head-start in a tight rental market.

“With our expansion onto North Tce with Festival Tower, we know there will be increased demand for city-based accommodation for our students, especially those from regional SA, interstate and internationally,” he said.

The Switch tower on North Tce opened in May. Picture: Supplied

“It’s no secret Adelaide has one of the most tightly held rental markets in the nation – supply is tight and that has flow-on effects with affordability.

“We want to be able to offer more students the opportunity to fulfil their potential with a Flinders degree – but we know that having a place to live is a critical enabler of study.”

A recent report from the Student Accommodation Council shows Adelaide is relatively well-serviced by purpose-built student accommodation (PBSA), with several projects during the pandemic adding to the city’s accommodation stock.

New developments including The Switch, and Yugo, further east on North Tce, have lifted the number of PBSA beds in the city to 6700.

That represents one bed for every 13 students - the highest ratio in the country outside of the ACT.

“PBSA beds are helping to support housing options in Adelaide, which has the tightest rental market in Australia,” the report says.

“PBSA providers are currently reporting almost zero vacancies across their Adelaide city assets.”

The Student Accommodation Council says the PBSA sector is also helping to revitalise CBDs hit hard by the pandemic.

To encourage more development, the Council is calling for reduced fees and taxes on foreign investment, and a consistent tax regime to be implemented across state and territories.

It also wants PBSA to be incorporated into zoning plans, particularly around tertiary education institutions, and is seeking new tenancy legislation designed specifically for the needs of PBSA.

Nuveen’s student housing tower in Adelaide is its second opening in Australia as part of a partnership with specialist operator The Switch.

Yugo opened in June. Picture: Supplied

The Switch in Perth opened in March, and similar facilities in Melbourne and Sydney will open next year, taking Nuveen’s Australian portfolio to more than 1700 beds.

Nuveen Real Estate Asia Pacific director of housing Ben Taylor said he was confident the student housing sector would bounce back from the pandemic.

“Since the re-opening of Australia’s borders we have seen, through enrolments, visa applications and arrivals, as well as the high occupancy in our buildings, that the demand for Australia’s quality tertiary education offering remains strong,” he said.

“This continues to validate Nuveen’s long-term investment conviction on the Australian student accommodation sector.”

The sector’s recovery is also renewing investor interest, with specialist investor Cedar Pacific recently splashing out $50m for The University of Adelaide Village on Grote St in the city.

The Switch founding partner David Cameron said “lifestyle-led rental accommodation” would accelerate in Australia, after proving popular for younger people in Asia, the US and Europe.