Icon has announced itself as the preferred contractor for Cedar Pacific’s two new student accommodation projects in Melbourne’s CBD.
This comes after Evergreen, M3 Capital Partners’ principal investment vehicle sold its 6875-bed student accommodation portfolio to global operator Scape.
An estimated $70m will be spent on the accommodation at 17 Wills Place and $80m on 303 La Trobe Street, both in close distance to RMIT University and The University of Melbourne.
This move gives confidence to universities and contractors with an increasing demand for student accommodation in Melbourne and capital cities across Australia.
Cedar Pacific seeks real estate investment opportunities, sourced from universities, financial institutions around Australia and New Zealand.
Some of their recent projects in Melbourne include; 508-bed student accommodation for Victoria University and 579-bed student accommodation on Bouverie Street, blocks away from RMIT University.
Head of student accommodation at Savills Australia, Conal Newland told The Age “the completion of the transaction by Scape and its investment partners has given the current pandemic conditions reinforces the strength of the long-term investment fundamentals underpinning the Australian PBSA sector.”
In 2017, Icon worked on the Australian National University (ANU) Student Accommodation in Canberra. The project cost $52m and took 15 months to complete 500 beds for students.
In 2018, Icon developed Shadow Play, a project costing $126m to fit 494 Residential Apartments and retail spaces in the centre of Melbourne’s CBD.
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