Nature Based Cities (NBC), the not-for-profit organisation focused on improving biodiversity and nature outcomes in urban development, has launched its latest industry design guidelines and accreditation framework, this time targeting precinct-scale residential communities.

The move extends NBC’s influence beyond its initial focus on medium and high-density residential developments. Several projects have already achieved NBC accreditation since the launch of its Medium &amp; High-Density Residential Guidelines in early 2025.

The expansion into masterplanned communities and new residential precincts reflects the growing need for stronger nature-positive benchmarks as Australia’s outer suburban growth corridors continue to expand at pace.

Paul Hameister OAM, NBC Founder and the Executive Chairman of Melbourne developer Hamton who itself leans heavily into nature and biodiversity in its developments, says the&nbsp;nature-first approach to mitigate the effects of climate change has become standard in other parts of the world such as the UK, but Australia is lagging.&nbsp;Australia’s environmentally sustainable design (ESD) rating tools have no minimum mandatory requirements for living landscapes.

“We’ve always wanted to do more, and we know other developers who want to do more, but the ESD rating tools just aren’t there,” Hameister says. “In Australia, you can have a five-green-star rated building that’s concrete and glass with not a blade of grass. 
 
“The focus is on reducing emissions, which is laudable, but there hasn’t been enough attention paid to protecting and re-establishing nature. We need both for the health of the environment and for communities.”

He says that having now&nbsp;made good progress in supporting developers of medium and high-density residential projects, NBC is now looking to bolster better nature-based decision-making and recognise developers of greenfield projects in the outer ring and large inner-ring brownfield precincts, who want to champion nature and living landscape as a defining feature.

Since 2022, the not-for-profit has sought to remove the roadblocks preventing developers from incorporating nature and living landscapes into their projects, shifting the conversation from the reduction of emissions and grey infrastructure, toward recognising nature as an essential infrastructure.

The New Communities Design Guidelines and Scorecard arm developers with the tools needed to deliver a nature positive outcome for their new communities. Intended to be adopted at the outset of the planning process, the guidelines are designed to help create communities that are cooler, healthier and more resilient while also enhancing social wellbeing and long-term economic value.&nbsp;

New Communities developers seeking accreditation will be independently assessed across a range of key criteria including ecology, tree canopy, biodiversity, and walkability. Once the masterplan is complete and submitted for approval, the scorecard is formalised based on proposed outcomes. Projects that meet the NBC criteria will receive either Commended or Exemplary accreditation outcomes, creating a clear benchmark for nature-positive new communities in Australia.&nbsp;

Janis Fischer, Director at Tract and NBC Advisory Council member, said the development of new communities in our suburbs can have a substantial impact on nature and biodiversity.

"By incorporating nature-based design principles at the inception of a project, developers and their design teams can achieve nature positive outcomes that are good for both people and the planet.’’&nbsp;

NBC accredited New Community projects will gain access to NBC branding and marketing tools to help communicate their nature-based credentials to purchasers and the broader market.&nbsp;

Joel Robinson

Nature Based Cities: A new Australian benchmark for developing nature-positive new communities

Apartment buildings are increasingly being designed around how people actually live day to day, not just how they want a building to look.

For buyers, that shift is showing up in practical inclusions that respond to changing habits. Work-from-home spaces, EV charging, wellness amenities, secure bike storage and parcel management are becoming part of the broader apartment conversation, reflecting a move toward buildings that reduce friction in everyday life.

Online shopping has become one of the clearest examples of that change.

Australians spent a record $82.6 billion online in 2025, with nearly one in four retail dollars now spent online. That has made parcel delivery a regular part of apartment living, rather than an occasional inconvenience.

For apartment residents, however, the delivery process can be less straightforward than it is for detached homes. Parcels may be left in lobbies, redirected to Post Offices, missed entirely, or placed under the responsibility of building managers and concierge teams.

That is why secure parcel infrastructure is increasingly being considered alongside more familiar apartment amenities.

<iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen="" frameborder="0" height="315" referrerpolicy="strict-origin-when-cross-origin" src="https://www.youtube.com/embed/-VjjLwoViX0?si=A3k7ws9NX35Uac7_" title="YouTube video player" width="560"></iframe>

Australia Post Parcel Lockers offer one way to address the issue. When a parcel arrives, residents receive a notification through the AusPost app or SMS, then collect it using a QR code or one-time PIN. The parcel is kept secure, accessible and removed from common areas.

The broader Parcel Locker network now includes more than 1,500 locations across Australia, positioned at Post Offices, shopping centres, supermarkets, transport hubs and other accessible locations.

For new apartment projects, the relevance is clear. A building’s amenity offering is no longer only about lifestyle spaces, but also about convenience, security and functionality.

As buyer expectations evolve, secure parcel delivery is becoming part of the same design conversation as flexible working, sustainable transport and resident wellbeing.

It is one less thing for residents to worry about, and another example of apartment design adapting to the way Australians now live.

Apartment design is adapting to the way Australians shop

While school holidays and trips to Europe tend to define the winter property market, there's been no cold snap at <a href="https://www.apartments.com.au/new-apartments/the-walden-north-sydney-177-walker-street-north-sydney-nsw-2060">The Walden</a> in North Sydney.

Developer-builder&nbsp;<a href="https://www.apartments.com.au/developers/aland">ALAND</a> sold more than $35 million worth of apartments throughout June, including a $6.8 million apartment that now ranks among the highest apartment sales ever recorded in North Sydney.

SRM Residential agent Ben Stewart said buyer demand throughout June reflected a mix of improving market confidence and longer-term thinking from owner-occupiers.

"We're seeing strong demand from owner-occupiers who are taking a longer-term view," Stewart said.

"Many recognise the opportunity to secure an apartment in an iconic building and premium location while values remain attractive. They may initially lease the property, but the intention is to eventually move in themselves, rather than purchasing purely as an investment."

[smartcode_project:default project_id=134323 project_image_fid=367129]

Located at 177 Walker Street, The Walden will deliver 161 one, two, three and four-bedroom residences across a 30-storey tower designed by Rothelowman. Every apartment occupies a corner position, maximising natural light, cross ventilation and views across Sydney Harbour, the Opera House, Sydney Heads and the northern districts.

Rather than a traditional balcony, the residences feature winter gardens that seamlessly extend the open plan living areas, creating versatile spaces for relaxing or entertaining throughout the year. Floor-to-ceiling glazing draws in natural light while showcasing sweeping views from the building's elevated Walker Street position.

Every apartment features high-end Calacatta marble, bespoke joinery, and fully integrated appliances.

The larger residences have been planned with distinct entertaining and private zones, with many master suites positioned on corners to capture natural light and harbour views. Walk-in dressing rooms, freestanding baths and refined stone finishes reinforce the house-like feel that has resonated with downsizers and owner-occupiers.

[smartcode_project:default project_id=134323 project_image_fid=6393]

Rothelowman Principal Ben Pomroy said the project was designed to make the most of its unique position overlooking the harbour.

"The Walden is a celebration of all things beautiful, curated for those who expect nothing less than exceptional," Pomroy says.

"Meticulously designed entertaining spaces and light-filled living areas that capitalise on capturing the natural beauty of Sydney's iconic harbour."

Residents will also have exclusive access to The Pavilion, a dedicated amenity building featuring a rooftop pool, wellness studio, gymnasium, sauna, concierge service, residents' lounge, private dining spaces and work-from-home facilities.

[smartcode_project:default project_id=134323 project_image_fid=6402]

The project marks ALAND's first major luxury apartment development in Sydney's inner-city market after more than two decades delivering residential communities across Greater Sydney.

Founder and CEO Andrew Hrsto previously said the rarity of the Walker Street site made it an opportunity the company could not overlook.

"This is a rare opportunity to bring a truly exceptional project to life in one of Sydney's most iconic locations, and to showcase our craftsmanship and design expertise at a world-class level," Hrsto said.

[smartcode_project:default project_id=134323 project_image_fid=6383]

The Walden has been introduced to the market at a time when demand for living in North Sydney is at an all-time high. Billions of dollars have been invested in infrastructure, including the recently opened Victoria Cross Metro station, located just 300 metres from The Walden, providing residents with direct access to the Sydney CBD in just minutes.

Private investment has also transformed the area through the arrival of new retail and dining destinations, elevating the lifestyle offering in what was once considered primarily a commercial precinct rather than an aspirational residential address.

The Walden is currently under construction and is scheduled for completion in 2028.

[smartcode_project_cta:default project_id=134323]

ALAND records $35 million in sales in North Sydney as The Walden bucks quiet winter selling season

The long-awaited redevelopment of the former Eastlakes Shopping Centre site has reached a major milestone, with Conquest's plans for a new mixed-use precinct officially placed on public exhibition.

The State Significant Development Application would transform the 1.7-hectare site at <a href="https://www.apartments.com.au/new-apartments/19a-evans-avenue-eastlakes-nsw-2018">19A Evans Avenue</a> into one of Sydney's largest urban renewal projects, delivering 736 apartments above a new shopping centre anchored by Woolworths, alongside specialty retail, dining, commercial space and new public open spaces.

The public exhibition marks the next chapter for the project after <a href="https://www.apartments.com.au/developers/conquest">Conquest</a> acquired the stalled Stage Two development from Crown Group, who completed the first stage across the road prior to their voluntary liquidation.

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="5fca22c5-d1ed-4e2c-8801-03f7df1eafc8" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland%20podium.png?VersionId=uomwr41nF8CmLUZRDcu3mHQechlbxucS" />

&nbsp;

Designed by DKO Architecture, the proposal comprises four residential buildings ranging from 14 to 18 storeys above a two-level retail podium. The development would deliver 736 apartments, including 74 affordable homes, 215 Build-to-Rent apartments and 521 market residences. Provision has also been made for dual-key apartments, which could increase the total number of dwellings to 877.

At ground level, the shopping centre has been designed as the suburb's new meeting place, anchored by a full-line Woolworths and complemented by a curated mix of fresh food retailers, cafés, restaurants, health services and everyday convenience shopping. Generous pedestrian links and landscaped public spaces will connect the retail precinct through to Jack Mundey Reserve, creating a more walkable and connected neighbourhood.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

"Eastlakes has been overlooked for too long, and this is the community’s moment. We are building a shopping centre and homes, a genuine heart for the suburb, and we genuinely want locals to help shape it."

"We enrich communities through the creation of homes, places, and experiences designed for life, built to last, and owner for generations. That starts with listening, so we warmly encourage everyone with a connection to Eastlakes to view the plans and share their thoughts."

<img alt="First look: Conquest unveils plans for 736-home Eastlakes Shopping Centre redevelopment" data-entity-type="file" data-entity-uuid="22f6fb20-54fb-4bd7-8a92-48fafdd00608" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/eastland.png?VersionId=cugp7s9hrMHGJJdYzkeAkrFoQgnF4GXf" />

DKO said the design had been shaped by the site's landscape setting and surrounding open space.

"Our vision for the site embraces its unique Bidjigal identity by blending the residential living with generous landscaping and a material palette inspired by the Bidjigal locality, and celebrating the panoramic views to Botany Bay and the wetlands reserves."

"Taking cues from Country, we seek to harmonise built form with the landscape and lightly touch the earth. By reconnecting, retaining and regenerating existing ecology, and weaving in natural elements, we can deepen our connection to Country."

The landscape strategy extends across the podium and rooftops, incorporating communal gardens, children's play areas, lawns, community gardens, family gathering spaces and extensive tree planting. New landscaped links will also strengthen the connection between the precinct and Jack Mundey Reserve, while publicly accessible open spaces have been integrated throughout the development.

The proposal builds on Conquest's broader placemaking strategy for the site. Through an ongoing partnership, local artist Joe Rashbrook has been appointed Urban Art Curator, working alongside young residents to transform the project's site hoardings into a public art gallery that allows the community to engage with the redevelopment before construction is complete.

Conquest has rapidly expanded its development pipeline since acquiring the Eastlakes site, with more than $6 billion worth of mixed-use projects now in planning across Sydney, including Stanmore, Castlecrag and Waterloo.

Conquest CEO Michael Akkawi said the redevelopment was about far more than replacing a shopping centre.

First look: ‘Far more than replacing a shopping centre’ as Conquest unveils 736-home Eastlakes redevelopment

Abadeen has lodged a State Significant Development Application (SSDA) for one of Mosman's largest apartment developments in recent years, seeking approval to transform the former Honeysuckle Garden and Midas site on Military Road into a 100-apartment mixed-use development.

The SSDA, lodged with investment partner Phoenix Property Investors, proposes around $230 million worth of new housing on the prominent <a href="https://www.apartments.com.au/new-apartments/494-516-military-road-mosman-nsw-2088">494-516 Military Road</a> site.

The proposal comes as Mosman Council continues to progress its recently endorsed Masterplan, which identifies the precinct for increased housing density while maintaining the suburb's established character.

Designed by DKO Architecture, the development would comprise 100 apartments above ground-floor retail, with a rooftop wellness precinct including a gym, sauna, entertaining areas and landscaped communal spaces.

Rather than pushing to the full 12-storey height identified in Council's Masterplan, the proposal ranges between five and nine storeys, stepping down towards Hale Road. A tenth level would accommodate resident amenities rather than additional apartments.

The project has been designed to appeal to a broad range of buyers, from first home buyers and young professionals through to families and local downsizers looking to remain on the Lower North Shore.

<img alt="Mosman" data-entity-type="file" data-entity-uuid="5dada03f-5b4c-43ba-ba62-2868add31440" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-27%20at%209.57.55%E2%80%AFAM.png?VersionId=7LBy0B.Jo8_iWAFJsClcV7Q3UnXrv49r" />

Abadeen Executive Chairman Justin Brown said the apartments had been designed as genuine long-term homes rather than investor-focused stock.

"The apartments have been designed as genuine long-term homes, with efficient floorplans that maximise usable living areas, generous storage, natural light and strong connections between indoor and outdoor spaces," Brown says."

"We've focused on creating homes for a broad range of buyers, from first home buyers and growing families through to downsizers who want to remain in Mosman."

The rooftop wellness offering forms a key part of the proposal, with residents set to have access to a gym, sauna, outdoor entertaining spaces, communal dining areas, landscaped gardens and a multi-use recreation court overlooking Sydney Harbour.

<img alt="Mosman" data-entity-type="file" data-entity-uuid="d37c2d6b-583a-4a0f-b7a9-9f46b893d2f4" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-07-27%20at%209.58.06%E2%80%AFAM.png?VersionId=FPoa5FCm2RtzjhAh2w5FTWJbV6GHfY8D" />

DKO drew heavily on the site's natural and cultural history, undertaking a Connecting with Country process with local Aboriginal Elders to inform the architectural and landscape design.

Senior Associate Matthew Ritchard said the design sought to create a building that responded to both the site's landscape and its cultural significance.

"The architectural language of the project is a deep expression of Connecting with Country, where the materiality and colour palette serve as a bridge between the site's geological history and its future as a residential sanctuary."

The proposal also retains the site's established blue gum tree as the centrepiece of the communal landscaped gardens, while introducing activated retail fronting Military Road to strengthen the connection between Mosman and Cremorne villages.

If approved, the project would deliver 100 new homes within walking distance of shops, public transport, schools and local amenities, adding to the limited pipeline of new apartments on the Lower North Shore.

<h2>Project Snapshot</h2>

Project: Honeysuckle Garden Redevelopment

Address: 494-516 Military Road, Mosman

Developer: Abadeen and Phoenix Property Investors

Architect: DKO Architecture

Lead Architect: Matthew Ritchard

Value: $230 million

Residences: 100 apartments

Key features:

<ul>
	<li>
	Ground-floor retail
	</li>
	<li>
	Rooftop wellness precinct
	</li>
	<li>
	Gym and sauna
	</li>
	<li>
	Outdoor entertaining and BBQ areas
	</li>
	<li>
	Landscaped communal gardens
	</li>
	<li>
	Multi-use recreation court
	</li>
	<li>
	Retained mature blue gum tree
	</li>
	<li>
	Connecting with Country design process
	</li>
	<li>
	Harbour, CBD and Balmoral views from upper-level apartments
	</li>
</ul>

Abadeen Executive Chairman Justin Brown said the apartments had been designed as genuine long-term homes rather than investor-focused stock

First look: Abadeen plans 100 apartments on former Honeysuckle Garden site in Mosman

Student accommodation

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Sydney has replaced London as the most expensive place to study for international students outside the US, with a monthly cost of $4,700, says a recent Savills report.
The strengthening Aussie dollar pushed Sydney higher than London to fourth position globally among the 20 cities examined.
London was dragged down by a weaker sterling, according to Savills annual World Student Housing cost of living, accommodation and tuition rankings.
It now costs $4,600 a month to be an international student in London.
Savills World Research, using data by Student.com, calculated that living and studying costs in London have dropped as fluctuations in the value of sterling has made the city cheaper for international students. 
Boston, New York and San Francisco have retained their positions as the world’s top three most expensive cities for international students, each costing in excess of $5,500 a month, 20% more than the next dearest city. 
Australia remains the third most popular country for international students, as the overseas student population continues to increase in both universities and other education sectors, said a recent Savills report.
<a href="https://www.propertyobserver.com.au/images/2017/10/12/SavillsStudent1.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/10/12/SavillsStudent1.png" alt="">
Mainland European cities, however, stand apart for their affordability and are well positioned to attract cost-conscious globally mobile students, according to Savills.
Prague, Berlin, Vienna and Warsaw are the cheapest cities in which to study, on par with Shanghai. Tuition costs in these cities are minimal, accommodation costs are half the average of the 20 cities examined, while quality is improving thanks to an increase in purpose-built student housing.
The rapid growth in international student numbers has underpinned demand for high quality student housing across the globe, but the type of product they want varies by region. 
Data from Student.com shows that students from the Middle East and China typically take the longest tenancies, 90% and 87% respectively for a full academic year, which may increase accommodation costs for students from these regions, while those from the US and Asia Pacific (including Australia) are most likely to rent for shorter periods. 
<a href="https://www.propertyobserver.com.au/images/2017/10/12/SavillsStudent2.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/10/12/SavillsStudent2.png" alt="">
<a href="https://www.propertyobserver.com.au/images/2017/10/12/SavillsStudent3.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/10/12/SavillsStudent3.png" alt="">
When it comes to room type preferences, there is relative uniformity across the globe. Students from the Middle East are slightly more likely to rent an entire property or studio, however, echoing their typically larger average budgets.
“The optimum ratio for student housing varies not only by country, but by town or city. Many universities supply their own accommodation, but lack the funds or expertise to upgrade this to modern standards,” said Marcus Roberts, director in the residential capital markets team at Savills.
Roberts added that this opens up opportunities for JVs and partnering arrangements with private sector operators to deliver housing that ticks the boxes with students, particularly in the under-served middle tier between lower-quality university stock and more expensive premium products.
Luke Nolan, founder and CEO of Student.com, said students will always opt for at least some level of privacy, especially for the space in which they sleep and the feedback is that being close to campus is the number one priority.
The most popular social spaces revolve around fitness, entertainment and study.
"Students expect more and the industry caters to student requirements, which drives an upward pressure on rents – especially since most mature markets still don’t have enough student housing," Nolan said.
"Honestly, in the end, the winning factor is the community and not specs, so if you want to invest in anything, invest in the student experience."
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Sydney more expensive than London for international students: Savills

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Student accommodation and design prowess don't necessarily go hand in hand, in fact many of Melbourne's dated student accommodation buildings are an affront to the senses.

Generally very repetitive in every aspect of their design, very few cut through and resonate with a sense of design nous. One such project that does deserve its moment in the sun is Deakin University's freshly completed Burwood student accommodation project sited on Uganda Street.

Delivered by ADCO Constructions, the new Burwood facility differentiates itself from many, if not all of its inner city counterparts is that it has an asset that seldom few can boast; space, and an abundance of it. Perhaps the best feature of the Burwood student accommodation project is that this space isn't treated as an afterthought, it is integral to both the new building and the wider precinct.

Thoughtful use of the space surrounding the new complex manifests itself by way of landscaping and extensive placemaking.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/img_4179.jpg" rel="gallery-all" title="Deakin Burwood Campus' latest addition"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_4179.jpg?itok=X4jDDDMA" title="Deakin Burwood Campus' latest addition" width="580"></a>

<figcaption>Deakin Burwood Campus' latest addition</figcaption></figure>Designed by Nettleton Tribe, the project is spread over three wings, with internal apartments generally configured in a 2, 4 and 6 bedroom format, providing on-campus accommodation for an additional 575 students.

Built over 17 months, key internal features include a central common area with lounge and kitchen/dining zones, multiple communal study zones and student car parking. Rooftop solar panels adds to the buildings credentials but it is at ground level where the new facility excels.

The accommodation's three separate wings has allowed for a network of pathways and green spaces to take precedence. Adjacent to the build is an open plan recreation space which features flexible format furniture, a games area, outdoor entertainment area with BBQ, various styles of seating and lighting to the majority of areas.

These spaces funnel through the ground level plane of the new complex, effectively creating a focal point.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/img_4245.jpg" rel="gallery-all" title="Green space and considered placemaking is apparent"><img alt="" class="image-article-full-width-580px" height="387" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/img_4245.jpg?itok=530BVCi2" title="Green space and considered placemaking is apparent" width="580"></a>

<figcaption>Green space and considered placemaking is apparent</figcaption></figure>Nettleton Tribe's latest design also links with their 2012 student accommodation building and beyond. Deakin University's considerable investment also sees placemaking initiatives such as the <a href="http://www.deakin.edu.au/locations/melbourne-burwood-campus/building-projects/burwood-link">Burwood Link</a> currently under construction.

Impressive as Deakin University's new Burwood student accommodation project is, it doesn't stand alone as a shining example of the typology in Melbourne's suburbs. Mention should go to RMIT Bundoora's McKimmies Road facility and Monash Clayton's Student accommodation Precinct; both of which go to great lengths in melding new buildings effectively with their surrounds by way of extensive landscaping.

See below further images of Deakin University's new student accommodation building.
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silvermb

Deakin Burwood's new student accommodation building embraces the space

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A 92-room building currently used for student accommodation in Sydney’s lower North Shore suburb of Greenwich has sold for $14.9 million.
The <a href="https://www.realcommercial.com.au/property-offices-nsw-greenwich-501714013" target="_blank">33 Greenwich Road</a> property has four floors and is approved for 175 beds in total and has a building area of nearly 3,230 sqm and land area of 4,290 sqm.
Each floor excluding the ground floor has separate male and female bathrooms, common kitchenette, store rooms, ironing room and a cleaner’s cupboard. The building also consists of a commercial kitchen, cafeteria area and a manager’s flat.
The selling agents were Darren Pienaar and Michael Culibrk of Gerard Cole Property Consultants.
The property is close to shopping precincts, schools and public transport. 
The property last traded in 2012 for $6.25 million, according to Corelogic RP Data.
Student accommodation has been a growing asset class for investors. Last month, Furnished Property, a student accommodation provider, put a portfolio of 14 long-term leasehold properties in central Sydney on the market through Savills.
 
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Student hostel in Sydney's Greenwich sold for $14.9 million

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The thriving student accommodation market doesn’t seem to be popular with lenders despite top yields.
Student apartments around major universities and colleges regularly generate 8 per cent yields, or twice the return of most short-term savings products, according to agents specialising in student property. But with most major banks blacklisting inner-city high-rises and tightening criteria for investors, purpose-built student apartment values are continuing to fall.
Stephen Fitzsimon, head of business development for Melbourne Real Estate, which rents more than 1,000 apartments in Melbourne's CBD, told The Australian Financial Review that the price of a small apartment purchased about a decade back had dropped by about 10 per cent to $210,000.
Fitzsimon said demand for accommodation from overseas students (particularly from China and India) is "off the charts" and "continues on an upwards trajectory".
More than 170 groups of students recently registered to view a one-bedroom apartment in Melbourne's CBD that was renting for about $430 a week, he said. 
"These apartments are yielding through their teeth.”
Rental activity will pick up further as the start of the second academic semester nears.
But lenders are reluctant to lend to investors, the AFR reported.
Lending to investors must be capped at 10 per cent annual growth, says APRA.
"If the banks changed their lending policy to allow normal mums and dads to buy, prices would go up because the yields are so strong."
Student apartments are popular with cashed-up self managed superannuation fund (SMSF) investors and retirees looking for yield. 
Overseas buyers are holding on to the apartments because capital losses have been offset by the rising Australian dollar. They are also used to offshore assets, particularly Chinese investors.
The gap between student numbers and student accommodation is rising.
In Melbourne, it is more than 84,000, according to JLL, while in Sydney it is about 43,000 and in Brisbane – excluding the Gold Coast – more than 18,000.
The gap reflects the underlying demand.
Savills' director of student accommodation Conal Newland said the ratio of purpose-built student accommodation in Sydney, Melbourne and Brisbane is about one bedroom for every 10 students, compared with more than two and a half bedrooms for each student in more established markets like London.
Overseas students in Australia are expected to increase to between seven and eight million in the next eight years from about 4.5 million now. 
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Student units earn top yields, but lenders' reluctance pushes prices lower  

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A student accommodation provider has put a portfolio of 14 long-term leasehold properties in central Sydney on the market through Savills.
The Furnished Property business currently provide 326 beds in 203 bedrooms and offer student and short-stay accommodation.
The listing comes amid a trend of increasing student numbers in the Harbour City. 
Full time international student numbers in Sydney’s five largest central Sydney universities showed strong growth in the last two years of available data (2014/2015) with increases of 4,115 and 3,221 respectively, according to Savills. 
Anecdotally, it appears that this growth has continued in 2016/2017, it says even as supply struggles to keep up with demand.
Savills Research indicated that 2,022 beds are in the development pipeline with development approval, or under construction, with expected completions from 2018-2020. 
The marketing is being handled by Conal Newland of Savills Australia.
<a href="https://www.propertyobserver.com.au/images/2017/06/21/SAVILLSSTU.png" target="_blank">Click to enlarge</a>
<img src="https://www.urban.com.au/images/2017/06/21/SAVILLSSTU.png" alt="">
Newland had previously noted that there was a "critical undersupply" of appropriate Purpose Built Student Accommodation (PBSA) in Sydney.
The Furnished Property portfolio currently targets students, but is flexible enough to attract other occupiers.
“First established in 2001 by the current owners of the Furnished Property Business, the portfolio has steadily grown over the last 16 years. Its extensive track record of profitable performance demonstrates excellent margins and growth and includes a diversified range of accommodation offerings,” said Newland.
The portfolio comprises self-contained studios, one and two-bedroom apartments, together with twin and triple shared bedrooms. Most properties have communal facilities.
The majority of the properties are within 3.5 km of the Sydney CBD and all are close to amenities and public transport, according to Savills.
The expressions of interest campaign for Furnished Property closes July 19. 
“This portfolio presents an existing opportunity to acquire a well-established student housing business with significant opportunities to enhance returns and expand further into Sydney’s buoyant short-term accommodation market,” Newland said.
 
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Furnished Property lists 14 student accommodation properties for sale 

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In light of the boom in student accommodation projects, Apartments.com.au recently took the opportunity to chat with Hayball duo Marcus Ieraci and Tom Gilbert.

As senior members of the Southbank-based design practice, both are heavily involved in Hayball's numerous student accommodation endeavours, and are all to happy to outline where the sector has come from in Melbourne, and more importantly, what lies ahead.

As a point of reference Hayball has designed 6,726 student accommodation beds to date, and have a further 5,474 beds in design and development. <a href="https://www.cbp.com.au/insights/2016/june/student-accommodation-market-in-australia-growing">Research</a> indicated that during 2015, Hayball was working on approximately 20% of all projects within the student accommodation market.

But both demand and design weren't always to current levels.

Tom Gilbert explains that prior to the Global Financial Crisis of 2009, the student accommodation market was a very different beast. In those times student accommodation developments generally consisted of strata owners buying into projects where studios were stacked atop one another, and the design nous was akin to that of a silo.

Built at the lowest price possible, they led to rudimentary design and livability outcomes. Post the Global Financial Crisis a hiatus in student accommodation occurred as the strata model fell by the wayside, whilst overseas student numbers grew steadily in the interim.

A new model of student accommodation delivery was taking shape in response to the <a href="http://www.jll.com.au/australia/en-au/Research/jll-australian-student-accommodation-market-update-2015.pdf">shortage of beds</a>.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image204.jpg" rel="gallery-all" title="Urbanest at 599 Swanston Street"><img alt="" class="image-article-full-width-580px" height="278" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image204.jpg?itok=WwmK_0AO" title="Urbanest at 599 Swanston Street" width="580"></a>

<figcaption>Urbanest at 599 Swanston Street</figcaption></figure>The entrance of investment vehicles backed by multinational/institutional funding has led to a 'ready to go' mentality for project delivery. It has also led to the typical student accommodation project now being a very different beast.

Marcus Ieraci explains that even though a handful of players are now dominating the development scene within the sector, competition to attract students and the endorsement of any given university is high. Add the extensive research undertaken by institutions such as University of Melbourne, and the design of the once humble student accommodation building has radically changed.

It's this university driven research that shows students are looking for the inner city living experience close to their place of education, but not necessarily on campus. Design informed by research on how students prefer to study, socialise and interact within these new buildings has given rise to the cluster formation; a 'dormitory' of sorts.

Tom Gilbert adds that of current crop of developers in the sector, some are simply misreading the market and still providing solely studios.

Hotel like in their amenities and appearance, all student accommodation designs also now include Melbourne City Council's mandate that there must be a minimum of 1.25sqm of communal space per student within any given development. More astute players are pushing the envelope to 2.5sqm in light of the competition between providers.

Marcus Ieraci maintains that these communal areas are at the crux of the modern student accommodation building, where design budgets and allocated space are tight yet pivotal to the end result. 

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/2056_1_flem_rd_v03.jpg" rel="gallery-all" title="The amalgamated Bedford Place / Flemington Road will feature cluster living spaces"><img alt="" class="image-article-full-width-580px" height="678" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/2056_1_flem_rd_v03.jpg?itok=S2dpXeRL" title="The amalgamated Bedford Place / Flemington Road will feature cluster living spaces" width="580"></a>

<figcaption>The amalgamated Bedford Place / Flemington Road will feature cluster living spaces</figcaption></figure>Currently Hayball's major Melbourne student accommodation projects include Blue Sky's 42-50 La Trobe Street, Urbanest's 599 Swanston Street, 1 Flemington Road plus Blue Sky’s Waymouth Street accommodation in Adelaide.

In the light of design features which champion communal spaces, connectivity, dynamic design and interaction with one's surrounds, the question was posed regarding the future direction of student housing, both in Melbourne and in the wider context.

Marcus Ieraci believes that Hayball's La Trobe project is a true ground breaker in a number of regards. A light weight facade and light structure thanks to builder Hickory Group's HBS method will allow for speed of construction, increased build quality and adaptability upon completion. Modern student accommodation builds increasingly have an eye toward the future. 

Extensive modelling during design allows for facades and even entire floors to be adjusted for different use, should a need arise down the track.

Overseas design trends also factor into current design considerations. Tom Gilbert points toward the emerging trend of communal design aspects within student accommodation projects where research, commercial and residential elements blend to create incubator-like environment. Melbourne has yet to see this format.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/1996_c_v01.04_extheroaa_0.jpg" rel="gallery-all" title="Hayball cite 42-50 La Trobe Street as a benchmark design for student accommodation"><img alt="" class="image-article-full-width-580px" height="463" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/1996_c_v01.04_extheroaa_0.jpg?itok=zqiHSvlQ" title="Hayball cite 42-50 La Trobe Street as a benchmark design for student accommodation" width="580"></a>

<figcaption>Hayball cite 42-50 La Trobe Street as a benchmark design for student accommodation</figcaption></figure>
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Hayball discuss the evolution of Melbourne's student housing sector

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The inner city's sustained surge in student housing projects is poised to churn out three additional developments, all of which are currently navigating through planning.

As demand for inner city apartments has waned, student accommodation proponents have seized the opportunity to add further key sites across inner northern suburbs to their respective portfolios. As the frenzied sale (and sale prices) of prospective development sites has cooled, a handful of key institutional players have muscled in on land acquisitions.

This coupled with the expansion/conversion of existing buildings, has seen the student accommodation sector mushroom rapidly; Apartments.com.au's Project Database now includes 16 dedicated student accommodation developments, with more to follow.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image69_6.jpg" rel="gallery-all" title="Whitley College's proposed revamp. Planning image: Rothelowman"><img alt="" class="image-article-full-width-580px" height="299" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image69_6.jpg?itok=OT0UAZeD" title="Whitley College's proposed revamp. Planning image: Rothelowman" width="580"></a>

<figcaption>Whitley College's proposed revamp. Planning image: Rothelowman</figcaption></figure>Most recent to the database is GSA Australia, continuing their expansion agenda with 263-281 Royal Parade.

The Parkville address which currently plays host to Whitley College is in line for a substantial expansion. Designed by Rothelowman, the scheme requests additional levels be added to the existing doughnut-shaped sandstone building, with a new six level wing added to the rear of the site.

The project's estimated cost of development is $32 million and results in 366 student rooms.

This is GSA Australia's fourth Melbourne project in quick succession, with the <a href="/news/the-student-living-drive-churns-out-an-additional-tower-but-provides-no-luck-for-another">wraps coming off their most recent</a> only last week.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image70_5.jpg" rel="gallery-all" title="A revamped scheme for Wreckyn Street. Planning image: Nettleton Tribe"><img alt="" class="image-article-full-width-580px" height="278" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image70_5.jpg?itok=An7NXW74" title="A revamped scheme for Wreckyn Street. Planning image: Nettleton Tribe" width="580"></a>

<figcaption>A revamped scheme for Wreckyn Street. Planning image: Nettleton Tribe</figcaption></figure>Also on the agenda is a reworking of an approved North Melbourne site previously held by Malaysian developer Mammoth Empire.

The approved apartment scheme has been superseded by a Nettleton Tribe design for operator UniLodge. At 9 levels the new 15-27 Wreckyn Street incorporates 420 beds split between individual and multishare options. 85 bicycle spaces and a cafe tenancy are also present, as are numerous common areas.

Having <a href="http://www.afr.com/real-estate/mammoth-sells-north-melbourne-site-to-unilodge-for-student-accommodation-20161220-gtexg9">sold the site for $17 million</a> late last year, the transaction pocketed Mammoth Empire $5 million for the two years that it was in control of 2,271sqm site.

From UniLodge's perspective, 15-27 Wreckyn Street joins <a href="/news/inter-war-and-student-to-the-core-another-whopping-student-accommodation-project-unveiled">123-135 Bouverie Street</a> as the operators pending inner city projects.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image44_1.jpg" rel="gallery-all" title="Bedford Place's now defunct apartment project. Image: Vinci Carbone"><img alt="" class="image-article-full-width-580px" height="317" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image44_1.jpg?itok=Uor-As_8" title="Bedford Place's now defunct apartment project. Image: Vinci Carbone" width="580"></a>

<figcaption>Bedford Place's now defunct apartment project. Image: Vinci Carbone</figcaption></figure>Finally, Brisbane-based Blue Sky Funds is behind 3-5 Bedford Place, situated adjacent to Haymarket Roundabout. Controlling the adjoining property at 1 Flemington Road which has approval for a Hayball-designed student tower, Blue Sky have sought the conversion of the Bedford Place permit from 53 apartments to student accommodation predominantly consisting of 3 or 5 bedroom clusters.

In line with its new purpose, the Bedford Place property which is now under the guidance of design practice Hayball, has lost its basement level and has been significant reworked internally. Externally the reworked design remains within the bounds of the approved envelope.

It's proposed that both buildings are to be constructed simultaneously, and will most likely fall under the recently created Atira Student Living banner.
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Three new projects step forward to further fill the student accommodation void

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Another week and another student accommodation tower enters the Apartments.com.au Project Database.

Following on from a string of fresh projects seeking their place in the expanding sector, GSA Australia's intentions for a Queensberry Street plot are the latest to be unveiled. 198-208 Queensberry Street is GSA Australia's third current student housing project, after <a href="/new-apartments/205-223-pelham-street-carlton">205-233 Pelham Street</a> and <a href="/developments/melbourne-vic-3000">684-688 Elizabeth Street</a>.

The work of DKO Architecture, the Queensberry project involves 229 beds within 136 apartments. 

On a 546sqm corner plot, the tower spans 14 levels and draws heavily upon two fellow DKO Architecture projects. Above the retained low-rise facade, the glazed section references their <a href="http://www.dko.com.au/cms_subcat_14/marina-tower-docklands-melbourne">Marina Tower</a> project, whilst precast elements closely resemble the pattern across DKO Architecture's <a href="http://www.dko.com.au/cms_subcat_14/the-metropolitan-melbourne">Metropolitan</a> design.

198-208 Queensberry Street and 684-688 Elizabeth Street are likely to follow the Pelham Street example by way of being managed by The Student Housing Company.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image7_13.jpg" rel="gallery-all" title="GSA Australia's latest play within the student market. Planning image: DKO Architecture"><img alt="" class="image-article-full-width-580px" height="405" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image7_13.jpg?itok=zypFfzRI" title="GSA Australia's latest play within the student market. Planning image: DKO Architecture" width="580"></a>

<figcaption>GSA Australia's latest play within the student market. Planning image: DKO Architecture</figcaption></figure>Conversely, a student tower slated for Caulfield East has come unstuck during planning.

Applicant Derby Road Developments Pty Ltd late last year submitted plans for a substantial 18-storey student accommodation building at 9-13 Derby Road. 158 student units, 15 car parking spaces, 51 bicycle parking spaces, a 150sqm retail premises/shop fronting Derby Road and communal facilities across levels one and five were envisaged.

Earlier this month Glen Eira chose to issue a Notice of Refusal for the tower which falls within the Phoenix Precinct adjoining Monash University.

Issues cited with the proposal include its inability "to respond to the fine grain rhythm and heritage character along Derby Road as the scale and form of the podium and tower are inconsistent with the scale and form of existing buildings in the Derby Road Heritage Overlay Area. The building proposed to be partially demolished is identified as a contributory building in this heritage area. Council discourages the demolition of Contributory buildings in heritage areas."

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image9_13.jpg" rel="gallery-all" title="Derby Road may not see this 18 level tower become reality. Planning image: Interlandi Mantesso Archtects"><img alt="" class="image-article-full-width-580px" height="378" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image9_13.jpg?itok=fxVH8YA6" title="Derby Road may not see this 18 level tower become reality. Planning image: Interlandi Mantesso Archtects" width="580"></a>

<figcaption>Derby Road may not see this 18 level tower. Planning image: Interlandi Mantesso Architects</figcaption></figure>The student accommodation sector is awash with news as developers and institutional investors seek to meet the shortfall in demand for the housing typology.

Earlier this month Apartments.com.au outlined Cedar Pacific's <a href="/news/inter-war-and-student-to-the-core-another-whopping-student-accommodation-project-unveiled">intentions for 123-135 Bouverie Street</a>, which include a further 596 rooms within the Nettleton Tribe-designed tower. In close proximity to 198-208 Queensberry Street, Icon Construction has begun works on Urbanest's 599 Swanston Street.

That project consists of a new 21-storey tower incorporating 583 student beds within a vertically bladed bronze facade.

Also earlier this month Scape Student Living <a href="http://www.afr.com/real-estate/scape-will-build-a-60storey-uni-student-residence-in-melbournes-cbd-20170427-gvtk0e">outlined plans</a> for a $300 million 60-storey tower overlooking RMIT University. The proposal includes 740 student beds, 146 city living units and a substantial amount of commercial space within the mixed-use project.

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/231_urbanest-2.jpg" rel="gallery-all" title="599 Swanston Street. Image: Icon Construction"><img alt="" class="image-article-full-width-580px" height="486" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/231_urbanest-2.jpg?itok=3RqDDTH9" title="599 Swanston Street. Image: Icon Construction" width="580"></a>

<figcaption>599 Swanston Street. Image: Icon Construction</figcaption></figure>
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The student living drive churns out an additional tower, but provides no luck for another

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A heritage listed building on an otherwise vacant Bouverie Street site is set to host one of Melbourne's larger student accommodation projects, falling under the UniLodge Bouverie St banner.

Across 123-135 Bouverie Street, dual towers are proposed that would add a further 596 rooms to the Melbourne market. Nettleton Tribe are the design force behind the proposal, with institutional investor Cedar Pacific backing the development.

The Art Deco style building onsite carries a distinct clinker brickwork pattern and is considered significant for both its historic and aesthetic attributes. Formerly the Modern Printing Company Factory, it will find new life as a retail/cafe space under the new plans.

<h2>123-135 Bouverie Street application summary</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image93_4.jpg" rel="gallery-all" title="Eliminating a vacant Bouverie Street site. Planning image: Nettleton Tribe"><img alt="" class="image-article-full-width-580px" height="401" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image93_4.jpg?itok=tukEm3V8" title="Eliminating a vacant Bouverie Street site. Planning image: Nettleton Tribe" width="580"></a>

<figcaption>Eliminating a vacant Bouverie Street site. Planning image: Nettleton Tribe</figcaption></figure><ul>
<li>Vacant 1,616sqm site save for the heritage Modern Printing Company Factory</li>
	<li>Proposed: 14 storey residential building over two wings and 45.2m high</li>
	<li>596 rooms</li>
	<li>All rooms within UniLodge Bouverie St available on either a 6 or 12 month contract</li>
	<li>Total GFA: 7,806sqm</li>
	<li>Facilities include rain garden, recreation area, theatre, gym, lounge areas, common study areas</li>
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UniLodge Bouverie St will cater for the University of Melbourne's Parkville students. Working under a 'self-catered hostel model', prospective students will find themselves in "a collegiate community with economic room sizes matched with a significant investment in common spaces and recreational areas."

Every level includes a communal space of some sort, with the rooftop including an outdoor garden and BBQ, herb/vegetable gardens and sky lounge.

After multiple similar projects for Deakin University and the recent completion of UniLodge @ VU in Footscray, 123-135 Bouverie Street is the latest project for Nettleton Tribe. Their Bouverie Street design consists primarily of a metallic two-tone aluminium cladding, highlighted by black steel fins and white aluminium trim.

<h2>A week for announcements</h2>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image95_2.jpg" rel="gallery-all" title="97 Franklin Street's defunct design and the new 599-605 Swanston Street. Images: Hassell &amp; Hayball"><img alt="" class="image-article-full-width-580px" height="308" src="/sites/urban.melbourne/files/styles/article_full_width_580px/public/pictures/article-images/image95_2.jpg?itok=WeoXpi6X" title="97 Franklin Street's defunct design and the new 599-605 Swanston Street. Images: Hassell &amp; Hayball" width="580"></a>

<figcaption>97 Franklin Street's dated design and the new 599-605 Swanston Street. Images: Hassell &amp; Hayball</figcaption></figure>123-135 Bouverie Street's unveiling goes hand in hand with other significant news regarding Melbourne's student accommodation sector that has filtered through this week.

Scape Student Living has applied to build the world's tallest student-occupied tower on Franklin Street. Replacing approved plans for a 62 storey, 218m largely residential tower, Scape's intentions are for 740 student beds, 146 city living units and 11,500sqm of commercial space within the mixed use project.

Also this week, a fresh design has been added to the Apartments.com.au Project Database for Urbanest's approved tower at 599-605 Swanston Street. The creation of Hayball, Urbanest's latest Melbourne tower now presents as a golden tower with strong vertical elements across its facade.

The project is still expected to carry in excess of 600 student beds.
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Inter-war and student to the core: another whopping student accommodation project unveiled

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A 445 sqm landholding near Swinburne University's Hawhtorn campus has been listed for sale.
It is being billed for a multi-level residential or student accommodation redevelopment.
Colliers International’s Hamish Burgess is marketing the property with $3 million hopes.
The <a href="https://www.colliers.com.au/31771/%7B9aa36502-522a-4b99-a8c2-04e5e41b47dd%7D/" target="_blank">George Street property</a> is being marketed as highly suitable to student accommodation.
Any multi-level development has a discretionary height allowance of 22 metres.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/04/21/Hawthorn1.jpg" alt="" width="449" height="327">
“The site is positioned in the Swinburne education precinct and will appeal to both residential and student accommodation developers,” Hamish Burgess said. 
He said the site’s flexible Commercial One zoning under the City of Boroondara, position in the Swinburne education precinct.
Subject to council approval, buyers are likely to capitalise on the demand for both residential and student housing here, he said.
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