[COM] 124 Waymouth Street | ~50m | 15 Levels | Student Accom

[Hybrid]

https://www.adelaidenow.com.au/business ... df87823385

Singapore’s Wee Hur Holdings invests $90m in Waymouth St student accommodation tower
Richard Evans, The Advertiser

THE rising power of Adelaide University and UniSA is helping reshape the city’s skyline, as plans for a new $90 million CBD student accommodation tower are revealed.

Singapore investment trust Wee Hur Holdings purchased a 1836sq m site, at 124 Waymouth St, off market last week from Waymouth Plaza Trust for $9.275 million.

It plans to build a 721-bedroom top-of-the-range student accommodtion tower on the site.

Intergen Property Group director Dennis Kalofonos, who has been tasked with investing $700 million nationally by Wee Hur, said the universities held the key to further spending in SA.

“It really depends on what the universities are doing. We follow the trends on (incoming) international students. New accommodation is usually balanced 70/30 in favour of international students,” he said.

“South Australia is becoming the innovation state with all the new technology that is coming in.”

Mr Kalofonos pointed to an announcement this week by German battery giant Sonnen, which will create 450 jobs at a new factory at the old Holden site in Elizabeth.

“This will all filter down through to the universities.”

Adelaide architects Falconer Brown will design the Waymouth St project, which Mr Kalofanos would focus on creating quality accommodation.

“It will be a purpose-built building, it will have fantastic facilities with a modern IT capability and audio visual and VR rooms. There will be study rooms for students and visiting academics,” Mr Kalofonos said.

“We are focusing on the guardianship of students. It’s much more than accommodation, we are striving to be the best in Adelaide and also in Australia.”

The completion of the new 721-bedroom project — due late 2021 — will take student residents in the city to more than 6400.

Tag on projected market growth and new rental dwelling stocks and students will comprise more than 25 per cent of the city’s permanent resident population.

SA has been further boosted today by a Deloitte Access Economics report which highlighted massive economic benefits in attracting international students to Adelaide.

It showed the average international student contributed $36,600 to the state, with international students injecting $1.54 billion into the economy last year.

Growing international student numbers is more important than ever, Premier Steven Marshall said.

“SA must lift our own population growth rate if we are to become the vibrant and resilient state we once were and international students are core to this,” he said.

“We know that for every four international student enrolments, one job is created in SA to accommodate the growing demand for more services and accommodation.”

Adelaide Lord Mayor Martin Haese welcomed the Wee Hur venture.

“Our education sector continues to grow with significant investment from our universities in their infrastructure and academic offering, supported by growth in international enrolments,” he said.

“International students are great for the city economy and provide an important customer base for many city businesses.”

Adelaide City Council director of growth Ian Hill said Wee Hur’s interest in Adelaide had been enhanced by a recent Singapore roundtable co-hosted by the Lord Mayor and Australian High Commissioner to Singapore, Bruce Gosper.

[Algernon]

Well, Gray St's development has 670 beds on a ~2500sqm site and this is a ~1800sqm site for 721 bedrooms for reference. Although, the number of beds to a bedroom is an unknown variable, so it's a rough comparison.

The cheese grater is a ~2500sqm site for 420 bedrooms.

[Norman]

If this goes ahead, it will replace the 3 storey building next to the old U2 site.

[Nort]

Well, Gray St's development has 670 beds on a ~2500sqm site and this is a ~1800sqm site for 721 bedrooms for reference. Although, the number of beds to a bedroom is an unknown variable, so it's a rough comparison.

If there is one bed per bedroom (don't know how accurate that is) then a development to the same kind of design would probably end up around 88 meters tall on this site.

[Patrick_27]

Well, Gray St's development has 670 beds on a ~2500sqm site and this is a ~1800sqm site for 721 bedrooms for reference. Although, the number of beds to a bedroom is an unknown variable, so it's a rough comparison.

The cheese grater is a ~2500sqm site for 420 bedrooms.

I really had to brush up on my maths for this one and even then I think I got it wrong... So we're looking at a building roughly 30 floors so anywhere between 105-125m?

[Nort]

17 stories based on the render.

https://www.afr.com/real-estate/singapo ... 910-h1566k

[wilkiebarkid]

17 stories based on the render.

https://www.afr.com/real-estate/singapo ... 910-h1566k

I'm pretty sure that is Gray Street which is already half built!!

[Nort]

17 stories based on the render.

https://www.afr.com/real-estate/singapo ... 910-h1566k

I'm pretty sure that is Gray Street which is already half built!!

Was labelled as the Waymouth St plan by AFR, bloody journos.

[Nort]

17 stories based on the render.

https://www.afr.com/real-estate/singapo ... 910-h1566k

I'm pretty sure that is Gray Street which is already half built!!

Was labelled as the Waymouth St plan by AFR, bloody journos.

20180912_090416.jpg (3.6 MiB) Viewed 9942 times

Just went back and yeah, definitely that one. Let tall speculation resume!

[rev]

Just went back and yeah, definitely that one. Let tall speculation resume!

I'm going to speculate between 58m and 125m.

[[Shuz]]

I reckon this one will be at least 30 levels.

[Mpol03]

Of the better proposals we have seen for the latest crop of student accom, none have obviously been built so even if this does look decent, I’m still nervous on what the final outcome will be.

[YellowRoad]

The advertiser facebook page posted this article earlier with the render posted above. Someone responded saying theyve got the wrong render (referring to the gray st proposal), and the advertiser came back with this (see attached photo).

[wilkiebarkid]

17 stories based on the render.

https://www.afr.com/real-estate/singapo ... 910-h1566k

The render they are using is definitely the Gray Street one. This one may have a similar finish to Gray Street but would definitely have a slightly different design due to the frontage being narrow in comparison.

[Patrick_27]

Do they not read their own articles? It says the developer has commissioned an architect but not that any designs have been released. That render is definitely the back (western side) of the Gray Street development, there is no question about it... The Advertiser have no fucking clue.