Singapore developer Wee Hur is purchasing a $46.1 million site in Redfern, Sydney to develop university accommodation, Commercial Real Estate has reported.
The 1,366-square-metre site, owned by BP Australia, was bought by Sydney-based property investment management group Intergen Property Group on behalf of Wee Hur.
It will be developed into a 384-bed student housing complex with 200 square metres of ground-floor retail space. Wee Hur owns two adjacent sites and is planning three separate student housing buildings on the three sites, providing 1,300 beds.
Dennis Kalofonos, managing director of Intergen, said: “Student accommodation is about to bounce back quickly post-Covid and Wee Hur is well placed to capitalise on the revival of this sector and the economy through its timely development and operation of centrally located student accommodation facilities in Australia’s major capital cities.”
Date published: 11 November 2020