$549 a week: Price no object as Brisbane student digs fill fast
Developers of the latest student accommodation in Brisbane expect to have the 753 rooms filled by the end of the year, with some renting for $549 a week.
Two other proposed student accommodation projects in the CBD have been shelved in recent months amid concerns about a looming oversupply.
The Cromwell Property Group and Wee Hur each have sold city sites earmarked for a total of 1872 student beds, with offices to be built instead.
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But Student One chief executive Tim Weston says the company is confident of filling its new 41-storey tower at 38 Wharf St as construction continues on its 901-bed twin towers in Elizabeth St.
He says its Adelaide St development launched in 2016 with 742 beds is full following strong demand from both overseas and domestic students.
“International education is worth more than $4 billion annually to the Queensland economy, making it the state’s second-largest services export and in Brisbane, its largest services export,” Weston says.
“At Student One, we’re appealing to both domestic and international students seeking premium student accommodation that is flexible, affordable and culturally diverse.”
Weekly rents in the Wharf St tower range from $309 a person for a 12-month lease in a five-bedroom apartment, to $549 a person for a four- to 24-week lease on an executive studio.
Uni students Keelie Morris, 18, and Richelle Lim, 19, at Student One’s new Wharf Street tower. Picture: Liam Kidston.
The cost includes everything except food and laundry, with all tenants able to access a common study area, rooftop kitchen and social area, and a recreational level with heated pool, gymnasium, billiard table and table-tennis table.
The Queensland University of Technology’s Gardens Point Campus is within walking distance, or a free bus ride from a stop outside the tower.
He says unlimited free Wi-Fi is another feature that appeals strongly to student tenants.
“Once (in the Adelaide Street building) we lost water for five hours and didn’t get a single complaint,” he said. “Another time the internet was down for five minutes and there were 20 people in the foyer.”
No carparking is available in the Wharf St tower, but a fleet of bicycles is available free for students.
Student One sales and marketing manager Thomas Jacob says the ratio of overseas to domestic students in the rooms is about 75 to 25, with Australians preferring the “multi-share” apartments.
He says the make-up of those rooms is decided by Student One unless groups of friends requested to be together.
“We consider age, gender, area of study, length of stay and cultural sensitivities,” Jacob says.
This article originally appeared on www.theaustralian.com.au/property.
