Purpose built student accommodation could help ease Australia’s housing crisis

New approval for a purpose built student accommodation (PBSA) is opening new gateways of relief for those suffering from the housing crisis.

In our major cities, higher density suburbs close to tertiary institutions are commonly affected by domestic and international students competing against average renters for vacancies – however, regional students also suffering from undersupply.

Sydney based developer Bloc. Living has recently received approval for a suburban PBSA co-living development in the City of Newcastle suburb of Jesmond.

A new, novel idea, which could open up valuable housing opportunities.

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Source: SQM Research

The new PBSA hopes to alleviate this pressure and free up housing stock for those in need.

The site is located on Gothic Street in Jesmond, 350m from the entrance to the University of Newcastle Callaghan campus just 9km west of the Newcastle CBD.

Bloc. Living found that the majority of rental housing stock in the area is being leased per room to students and young professionals which takes homes away from families needing rental accommodation.

The DA approval proposes a three -storey co-living complex, designed around a central courtyard.

It will contain 53 studio units with extensive indoor and outdoor communal living areas.

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Renders for the PBSA

“Our smaller scale purpose-built living developments will provide residents with convenient and well-designed apartments close to the University and nearby shops and hospitals,” a spokesperson for Bloc Living said.

“The smaller scale of these suburban co-living developments allow for greater connections between residents rather than living in anonymous towers.

“Co-Living takes away the stress of finding and vetting suitable roommates, signing leases on behalf of rooms-mates, buying furniture and setting up, paying utility bills, Wi-Fi bills and will allow residents to adjust to their life changes.”

PBSA/ Co-Living renders

The construction program will be approximately 16 months with an estimated end value on completion circa $17.5+ million.

Bloc. Living also received approval for a similar co-living development in the regional City of Wagga Wagga NSW approximately 400m from the Wagga Base Hospital and the new UNSW Rural Medical Clinic where it aims to provide accommodation for medical professionals, hospital staff and students in the area.

9 Gothic Street, Jesmond is currently on the market for sale via Partner and Head of Agency Brent Sinclair of Knight Frank’s Newcastle.

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