Macquarie Park: Campus Properties, Baracon Property plan $65m student accommodation tower
Developers are banking on the full return of international students with plans to create a new 488-bed student accommodation tower in a rapidly growing suburb in Sydney’s north.
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Developers are banking on the full return of international students with plans to create a new 488-bed student accommodation tower in a rapidly growing suburb in Sydney’s north.
Campus Properties and Baracon Property Group have lodged a $64.6 million proposal for a 15 storey student digs at 23-25 Lachlan Ave in Macquarie Park.
The development would be located a stone’s throw from Macquarie University and would replace two apartment buildings currently standing at the site.
The new tower would have a mix of single, double and multi-bed boarding rooms with ground-floor dining facilities, recreation areas and study space.
There would also be a gym, a cinema, gaming rooms, laundry facilities, 40 car parks and 90 bicycle parking spots.
The tower would be staffed by 15 employees including a manager and staff specialising in student wellbeing by “promoting social and community networks for at-risk groups.”
Plans stated the development was designed to enable students to “work, rest and play”.
“Our accommodation, together with the provision of extensive communal amenities is designed to enhance the students’ experience and wellbeing during their stay,” the proposal stated.
“The communal areas are designed to be a place where students meet, mix and socialise offering relaxation outside of their private spaces.”
The proposal comes as international student numbers rebound after two-years of Covid lockdowns saw international arrivals grind to a halt and the state’s student population decline by a third last year.
Since borders reopened in mid-December 2021, an estimated 180,000 international students have returned to Australian shores, however student numbers from China remain below pre-pandemic levels partly due to localised lockdowns and reduced airline capacity.
Baracon Property Group managing director Brett Rogers there was a record number of visas lodged from overseas students in April - 10 per cent higher than pre-pandemic levels.
“Despite international borders being closed throughout 2020 and 2021, demand for Australian higher education from international students has remained strong,” he said.
“This additional flow of overseas students will intensify the demand for student accommodation and boost current occupancy.
“Sydney, specifically Macquarie Park is a very attractive safe place to live and study (and) there is a clear lack of beds available for the students in the area.
“Sydney has historically been a city critically undersupplied with less than one purpose built student accommodation bed provided for every 10 full time students, this compares adversely with other global cities and key competitors like London which has one bed for every four students.”
Along with international students, Mr Rogers said development would address future demand for the domestic student market - partly driven by Sydney’s hot rental market.
“The recent rapid rise in residential rents and record low rental vacancies in the rental market is making it increasingly difficult for students, often with no rental history, to secure accommodation,” he said.
“The pandemic and harsh lockdowns have also created a cohort who has been starved of opportunity and experiences over the past three years, creating a larger desire to move into purpose built student accommodation.
“Developing large scale high quality professionally managed student accommodation in an area of low vacancy is generally seen by communities as a great opportunity to not only provide students with greater accommodation choice but also drawing them out of the private rented sector opening up affordable accommodation for the wider rental market.”
The application has been lodged to Ryde Council and will be referred to the Sydney North Planning Panel for approval.
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