A massive $47.25 million sale, which took two years to complete, will unlock new student housing opportunities in Sydney’s north.
Property developer Point Capital Partners has acquired a combined site in three adjacent unit blocks at 5 & 7 Cottonwood Cr and 8 Lachlan Ave in Macquarie Park.
Over the course of two years, negotiations were conducted with 45 individual owners in one of the largest transactions completed in the area in recent years.
It has been exclusively revealed to The Daily Telegraph that Point Capital Partners plans to convert the site into purpose-built student housing (PBSA), with more than 600 apartments and one of the largest PBSA developments in Macquarie Park.
The sites were purchased at 5-7 Cottonwood Cres and 8 Lachlan Ave, Macquarie Park as part of the $47.25 million deal.
The blocks were acquired on behalf of the developers by commercial buyer agents Costi Cohen.
Co-founder Tas Costi said the acquisition was “an important step in shaping the future of Macquarie Park”.
“With more than 600 student apartments planned, this transaction reflects the increasing demand for purpose-built student housing and the continued demand for high-quality locations across Sydney’s growth corridors,” she said.
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A closer look at the site, which took more than two years to fully acquire. Image: supplied.
Current options for students in the area include the university’s ‘Central Courtyard’ and three residential colleges, as well as nearby PBSAs at Campus Village North Ryde, Dayman Apartments, Iglu and EPIISOD.
For a ‘Central Courtyard’ studio, students pay $537 per week, while Student Village North Ryde charges $613 per week for a one-bedroom apartment.
The average rent in the area for a one-bedroom unit is $695 per week.
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The development will provide new accommodation options for students from nearby Macquarie University (pictured above). Photo: Justin Lloyd.
Regarding the new development at Cottonwood Cr, Mark Peters, director of Point Capital Partners, said the group looks forward to “unlocking the potential of the site.”
“It’s rare to see an amalgamation of this magnitude in such a tightly held location,” he said.
“The persistence shown throughout the two-year process played a significant role in making this deal possible.”
His fellow director at Point Capital Partners, Lucas Salagaras, said Macquarie Park was “one of Sydney’s most exciting growth corridors”.
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