A 428-bed student accommodation project in Waymouth Street, Adelaide, is helping set a new benchmark in energy efficient design.
Managed by specialist student accommodation provider Atira Student Living, the off-campus, purpose-built student apartment complex was a joint venture investment between Blue Sky Private Real Estate (BSPRE) and Goldman Sachs, with BSPRE also developing the Project. It opened in early 2018.
The CEFC committed $32 million in debt finance to the project to lift the benchmark for student accommodation and encourage emissions reduction in the property sector. The finance was repaid in September 2019 when BSPRE and Goldman Sachs sold their student accommodation platform, which included Waymouth Street, to Scape.
The student accommodation project in Adelaide's CBD is within walking distance of campuses for both the University of South Australia (UniSA) and the University of Adelaide.
Initiatives incorporated into the Waymouth Street project included energy efficient heating, ventilation and air conditioning, energy efficient equipment, LED lighting, centralised gas water heating, water efficient taps and a 25kW rooftop solar photovoltaic system.
The Waymouth Street development was expected to achieve a minimum 25 per cent improvement on energy efficiency compared with business as usual, delivering a significant reduction in the building's carbon intensity, as well as lower ongoing energy costs.
Adelaide has a significant student population, including more than 65,000 full time higher education students, according to the 2016 Savills' market report into Australian student accommodation.
The same report found there were only 5,371 beds provided by universities and commercial operators in purpose-built student accommodation, catering for less than 10 per cent of enrolled students and illustrating the significant undersupply of this type of accommodation in Adelaide.
The CEFC participation in the Waymouth Street project is another example of the CEFC focus on delivering clean energy solutions in Australian cities, as part of its Sustainable Cities Investment Program.
South Australia, Housing, Property, Sustainable Cities, Universities, Energy efficiency