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Old November 29th, 2015, 11:06 AM   #1
redden
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CBD - North > Scape Melbourne - 393 Swanston Street > 146m / 46L / student accomm / completed


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Purchased by Scape Group

Student digs get radical shake-up

Australia's traditionally dingy student digs are set to get a radical shakeup as big overseas-based student housing providers target east coast cities.

London-based student living group Scape is set to build a 1500-bed complex across the road from RMIT University in Melbourne's Swanston Street.

The accommodation provider bills itself as a "campus within a campus" – it builds, owns and leases to students studio bedrooms in towers that also include gyms, lounge, gaming and lecture rooms, as well as restaurants and bars.

The student rooms come furnished with desks, ensuites, double beds and a kitchenette.

Scape paid $35 million this week to buy two office buildings between La Trobe and Little La Trobe streets in a deal negotiated by Savills Australia's Nick Peden and Clinton Baxter.

Mr Baxter said the site got a record CBD land rate of $37,154 a square metre.

The two development sites, which had permits for 54 and 39 level towers, sit behind another Scape property at 393 Swanston Street which has a permit for 750 studios in a 45 level tower.

Scape has a 2500-bed operation in Britain backed by the $800 billion Dutch pension fund APG.

The firm's Australian managing director Stephen Gaitanos said it was aiming to own and operate 10,000 student beds in Sydney, Melbourne and Brisbane.

"We picked Melbourne and this particular part of Melbourne first because of its proximity to RMIT, Melbourne Central retail mall and train station, and the State Library," he said.

http://www.smh.com.au/business/prope...15-ghodmk.html

Student towers face uncertain future under new metro rail plans

Quote:
The state government approved two towers up to 54 storeys tall on sites in La Trobe Street just months before announcing they might be compulsorily acquired to make way for the new $11 billion metro rail line.
The planning permits significantly inflated the land's value and may boost the future cost to taxpayers if the buildings are bulldozed to make way for railway exits.
The two buildings, one at 222 La Trobe and the other at 25 Little La Trobe streets, were sold to international student housing provider Scape Student Living for $35 million in June this year, just two months after being given permits in April.
At the time, the deal set a record development site rate of $37,154 a square metre.
Public Transport Minister Jacinta Allan said last week 63 homes, including 49 apartments, and 29 commercial buildings would be bought as part of the acquisition in Kensington, Parkville, South Yarra and the city's centre.
Plans to begin construction of the Melbourne Metro Rail tunnel by 2018 mean 44 buildings will have to be empty by 2017.
Compensation to landowners and businesses is expected to exceed $500 million.
Under the Land Acquisition and Compensation Act, properties that are compulsorily acquired are valued based on their "highest and best" use, which consider existing planning controls, a spokesman for Melbourne Metro Rail Authority said.
Scape director Craig Carracher​ confirmed the group, like other owners and tenants, had received notification its buildings may be acquired by the Metro Rail Authority.
The student housing provider was seeking to develop a 1500-bed, interconnected hub of towers on three sites at La Trobe, Little La Trobe and Swanston Street that would provide student accommodation, academic facilities and retail spaces.
Plans to begin construction next month on a 763-room, 43-level tower at 393 Swanston Street will not be affected by the rail line, he said.
Both of Scape's other sites will be, although it was unclear how much or when they would be impacted.
"We understand Little La Trobe and La Trobe will be affected. Because we've got no [formal] notice of acquisition we have to forge ahead with the development," he said.
Scape was moving ahead with design, development, planning and contracting, a process that would make any future compensation more expensive, Mr Carracher said.
"Our current plan is to build towards the second quarter of 2016. I'm pretty sure Metro Rail Authority will want to move faster on assets like ours. It's going to be a much, much, much more expensive price for the Metro Rail Authority if they don't," he said.
The new rail line's business case was not expected to be finalised until April next year.
The metro's two new elongated platforms at the north and south end of the CBD will require compulsory acquisition of 14 commercial buildings and one apartment tower.
Russell Zimmerman, executive director Australian Retailers Association, said the impact on businesses could be substantial.
"It can be very difficult for retailers if they've been there for many years. Obviously there is a cost of closure and relocating. It's losing people traffic that are used to coming to that point for your business," Mr Zimmerman said.
"I understand the need for the train line, but there is a cost to business when it happens."
The Property Council's Victorian chief executive Jennifer Cunich said projects of this scale and size could not occur without acquisitions.
"There are going to be winners and losers. It's a pretty painful process for those involved, but this is the challenge of delivering major infrastructure projects in the city."
Read more: http://www.smh.com.au/business/prope...#ixzz3po3zH9u6


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Old November 29th, 2015, 11:35 AM   #2
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A very interesting development. I wonder whether any units will be available for the public to buy or just be run by the company?
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Old December 3rd, 2015, 01:46 AM   #3
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Yes, students never had it so good, wonder what rent would be?
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Old December 9th, 2015, 10:48 PM   #4
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09 DEC 15 MELBOURNE UNDER CONSTRUCTION - 16 by oh.yes.melbourne, on Flickr
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Old December 9th, 2015, 10:55 PM   #5
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There is so much development going on in this city that I'm finding it difficult to keep track of everything. Great time to be alive though!
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Old December 9th, 2015, 11:09 PM   #6
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There is so much development going on in this city that I'm finding it difficult to keep track of everything. Great time to be alive though!
+1 I was saying to my bf that we are so lucky to have a bird's eye view of all the changes happening around us. In a few years our view will be brand new - bright, shining, modern skyscrapers - hardly any dated architecture in sight
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Old December 10th, 2015, 01:41 AM   #7
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There is so much development going on in this city that I'm finding it difficult to keep track of everything. Great time to be alive though!
It takes me three hours to do a circuit these days, and even then I don't get to all sites. Not that I'm complaining!
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Old December 13th, 2015, 09:38 AM   #8
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Old January 27th, 2016, 02:41 PM   #9
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Little LaTrobe Street was a cacophany of demolition sounds today, with Aurora only a hundred metres down the road from Scape. I watched the mini-jaws in action and was reminded of Aurora's monster dinosaurs in action.


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Old February 12th, 2016, 02:27 AM   #10
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31 JAN 16 22°C MELBOURNE - 002 by oh.yes.melbourne, on Flickr

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11 FEB 16 28°C MELBOURNE UNDER CONSTRUCTION - 02 by oh.yes.melbourne, on Flickr
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Old February 21st, 2016, 09:56 AM   #11
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About half way down, I'd say.


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Old February 22nd, 2016, 08:03 AM   #12
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Here's a few renders from UM that haven't been shared here

I'm certainly not looking forward to how that south face will turn out.



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Old March 4th, 2016, 04:02 AM   #13
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Old March 22nd, 2016, 04:03 PM   #14
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Old April 13th, 2016, 04:50 AM   #15
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Old April 13th, 2016, 03:02 PM   #16
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To me this is the worst of whats going up currently. A big stinking 140m high concrete wall facing Swanston St and the Library lawn. Thats just awful.
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Old April 14th, 2016, 12:31 AM   #17
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Yep spot on! These dickheads drivel on about amenity and then let this monstrosity dominate both Melbourne's main thoroughfare and the State Library forecourt!!?

Couldn't they at least have made them incorporate a ******* mosaic ... something??
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Old April 14th, 2016, 11:51 AM   #18
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It's ok...a survey said that 98.43% of people near this site will be looking downward into their media device...all good : )
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Old April 15th, 2016, 12:36 AM   #19
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It's the 1.57% I worry for red, the dreamers, the astro physicists, who just want to gaze up at the stars, or ponder string theory and abruptly get rudely slapped in the face by a giant concrete wall.
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Old April 25th, 2016, 03:10 PM   #20
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Quote:
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To me this is the worst of whats going up currently. A big stinking 140m high concrete wall facing Swanston St and the Library lawn. Thats just awful.
But think of the Children!

They will have affordable and central accommodation.

Apart from the fact that the building may never go ahead anyway.
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