In 2016, GSA launched its Australian business, following the disposal of our interests in Urbanest Australia. During 2016, we secured six developments across Melbourne, Sydney and Perth.
Going forward, we aim to leverage its experience and global platform to deliver a market leading student accommodation experience with a target of securing 25,000 beds under management by 2025 in the Asia Pacific region.
Pelham Street | Melbourne
We have already commenced construction on our first acquisition in Australia. This is a 346-bed development in Carlton on Pelham Street, opposite the University of Melbourne, which is scheduled to open in 2018. We have partnered on this development with HSBC.
Elizabeth House | Melbourne
This would be a prime located asset close to our Pelham Street building. Opening date set to early 2019, this will offer 322 beds with a mix of shared apartments and studios. The site has been selected to deliver sustained occupier demand, rental growth and enhance the ability to maximise economies of scale locally. Current focus is to complete construction in line with forecast program, delivering development profit and subsequent operational income.
Stirling Street | Perth
Stirling Street’s dramatic design and state of the art amenities will offer residents convenience and a unique living experience. Planned for opening in 2019, this building would be our first biggest development in Australia offering 571 student beds. Facilities will include large communal areas including 15m swimming pool, roof terrace and outside cinema.