Devwest, Stirling Capital move on student projects

Two student accommodation projects in Northbridge have moved closer to being built, after Devwest Group applied for approval to repurpose Telstra’s headquarters, and Stirling Capital lodged paperwork for early works at its Stirling Street proposal.

Devwest Group’s proposal is backed by Hong Kong’s Gaw Capital partners and involves the redevelopment of the Telstra building on Stirling Street into a 500-bed student accommodation facility.

A range of restaurants, bars and retail has been proposed for the ground floor.

Pending relevant approvals, Devwest is expecting the project to be ready for students in early 2019.

Devwest executive director Damon Ferguson said the opportunity to reposition the Telstra building came after vacancies in Perth’s office market resulted in the telecommunications giant shifting its administration to Brookfield Place and WorkZone.

“The Perth office market has created opportunities for older buildings to be repositioned for other uses, and Perth has been in need of off-campus, purpose-built student accommodation for some time,” he said.

Gaw Capital Partners investment director Felix Lai said there had already been a fantastic response from the local universities.

“This product will help make Western Australian universities more competitive with their east coast counterparts, where off-campus living is commonplace and a desirable option for students,” he said.

DevWest’s application followed Stirling Capital lodging paperwork with the City of Perth late last month for a $1.8 million early works contract at its student accommodation site, at 89-91 Stirling Street.

Stirling Capital is planning a 24-storey, 571-bed tower, in collaboration with international student accommodation provider GSA.

Business News understands BGC is in line to build the project on behalf of Stirling Capital.

The proposal is also scheduled to be complete in time for the start of the 2019 academic year.

As well as self-contained studios and shared apartments, Stirling Capital has proposed communal study areas, a 15-metre lap pool, a gym, library and rooftop outdoor space, complete with cinema and bar, as part of its development.

Both of the projects are moves to tap into the growing international student market in WA, where there are around 56,000 foreign students from 140 countries, according to StudyPerth.

The facilities will be available to students studying at all of Perth’s universities.

Stirling Capital's student accommodation plan was designed by local architecture outfit MJA Studio. Image: Stirling Capital