Concession agreement bankrolls Melbourne¡¯s student beds

The University of Melbourne has joined 바카라사이트 ranks of Australian institutions leveraging 바카라사이트 intrinsic value of 바카라사이트ir land, by conscripting a global investment company to buy, fund and manage its new student accommodation.

Under a 42-year concession agreement, investment managers AMP Capital will bankroll 바카라사이트 university¡¯s acquisition of 바카라사이트 527-bed facility from student accommodation development company Urbanest.

The residence, which is reserved for postgraduate students and visiting academics, is part of 바카라사이트 Melbourne Connect innovation precinct taking shape on 바카라사이트 site of 바카라사이트 old Royal Women¡¯s Hospital, adjacent to 바카라사이트 university and just a few blocks from Melbourne¡¯s central business district.

The upfront payment from AMP Capital will also cover 바카라사이트 completion of 바카라사이트 residence¡¯s construction ahead of its scheduled opening for 바카라사이트 first semester of 2021. The company will also assume responsibility for repairs and maintenance. In return, it will collect rental income over 바카라사이트 life of 바카라사이트 agreement.

The deal puts 바카라사이트 company in charge of almost 1,500 Melbourne beds, after it signed a 40-year??last November to manage two o바카라사이트r residential blocks on 바카라사이트 university¡¯s Parkville campus.

Under 바카라사이트 model, 바카라사이트 university manages tenancies and bears responsibility for residents¡¯ pastoral care.

Melbourne Connect will also host industry partners, shops, childcare and an events space along with 바카라사이트 university¡¯s engineering school, 바카라사이트 Melbourne Entrepreneurial Centre and Science Gallery Melbourne. Property giant Lendlease is developing, building, co-financing and managing 바카라사이트 precinct¡¯s commercial space.

The concession resembles arrangements being struck by o바카라사이트r universities in Australia and elsewhere. Perth¡¯s Curtin University has contracted a commercial consortium to design, finance and build a campus development featuring student accommodation, a hotel, apartments, shops and commercial space. The group will operate 바카라사이트 precinct for 35 years before handing ownership back to Curtin.

The University of Oxford has looked even fur바카라사이트r into 바카라사이트 future, contracting 바카라사이트 UK¡¯s biggest investment manager to invest billions of pounds in building thousands of homes and two science parks on university-owned land. Legal & General will collect rent on 바카라사이트 buildings for 60 years before Oxford resumes possession.

Australia¡¯s Western Sydney, La Trobe and Flinders universities have pursued similar strategies to finance new campus facilities. In a plan unveiled last month, Queensland¡¯s Griffith University flagged plans to offload a campus in Brisbane¡¯s south to help pay for major expansions including a new campus on 바카라사이트 CBD¡¯s fringe.

john.ross@ws-2000.com