Did you know that an idle site on Regent Street in Redfern, formerly a petrol station, will soon be developed into a three-tower student accommodation with 1,300 beds and shops on the ground floor?
Plans to demolish the petrol station have been approved in January 2021 (DA D/2020/1095) after developer Wee Hur bought the 1,366 square metre property (104 to 116 Regent Street) from BP Australia. The Singaporean investor has two other adjoining properties in the area: 90-102 Regent Street and 13-23 Gibbons Street.
With this third site in his portfolio, the developer is looking to build three towers of student accommodation that will seal Redfern’s reputation as the ideal student precinct. One of the towers will have its own outdoor cinema on the rooftop, as well as communal areas with BBQ facilities.
Per the approved development application, demolition on the site will cover the service station hardstands, canopy and equipment, as well as the removal of the signage. Excavation and remediation work are also included in the approved plans.
The total cost of this demolition is $287,824. The developer, however, will still submit a separate application for the student accommodation, projected to stand at about 18-storeys tall.
Mr Wee’s Australian investment company, Intergen Property Group, also manages two student accommodation sites at the Unilodge Park Central in Brisbane (1,578 beds) and Unilodge City Gardens in Adelaide (772 beds).
According to industry experts, student towers remain the fastest-growing investment for property developers despite the impact of COVID-19. Pre-pandemic, Australia’s third-largest industry has been education, generating about $30 billion annually.
Significant changes have been happening in Redfern following its rezoning in 2000 as a high-density suburb. Redfern will also become the site of the NSW’s first Build-to-Rent social housing project.