Student accommodation heavyweight Scape has solidified its dominance in Sydney’s inner south by securing a prime permit-ready site in Redfern to develop a major co-living complex for hundreds of students.
A New Chapter for Woodburn Street
The Living Company, a division of Scape, finalised the purchase of the site for $49.5 million. The deal includes addresses at 1-5 and 6-8 Woodburn Street, along with 175-177 Cleveland Street. This acquisition gives the developer a massive 2,017 square metre parcel of land in a key location.
The State Significant Development zoning already allows for a six-storey building. The approved plans feature 200 co-living student apartments and 778 square metres of non-residential floor space. This mix aims to serve both the student residents and the surrounding community.
Profitable Turnaround for Seller
EG Funds, the previous owner, successfully offloaded the property after holding it for only a few years. They originally bought the site in two separate stages between 2020 and 2021 for a combined total of $36.6 million. By securing the development permit last year, they added significant value to the land before selling it. The sale process attracted intense interest from the market.
Agents Matthew Meynell and James Cowan of Colliers received nine offers during the campaign. This high level of competition shows that investors are eager to put money into built-to-rent and student housing projects in Sydney.
The Bigger Picture for the Precinct
This latest purchase is part of a larger trend in the area. Once this new project is finished, Scape expects to manage roughly 5,000 beds in this specific precinct alone. The demand for student living spaces continues to drive prices up across the city.
Recently, a complex in nearby Newtown sold for a record-breaking price that equated to $581,000 per unit. Real estate experts note that capital interest remains very strong for these types of assets because of the ongoing housing shortage in Sydney.
Published Date 06-December-2026
