21 Mar 2022
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Nuveen Real Estate’s Australian housing platform opens first assets
Nuveen Real Estate, one of the world’s largest real estate investment managers and a leading manager of housing investments globally, has announced the opening of the first project in its Australian housing platform.
Catering to both students and young professionals, the 483-bed building known as The Switch, Perth Central will open its doors to tenants this week, while another property in Adelaide is due to open in May 2022. The second and third properties in Sydney and Melbourne are set to open later in 2022 and in early 2023 respectively.
The current portfolio of four properties totalling 1,721 beds are the first projects that Nuveen Real Estate is developing in partnership with new specialist purpose-built housing operator “The Switch”.
Ben Taylor, Director of Housing for Nuveen Real Estate Asia Pacific, said: “Nuveen strongly supports the purpose-built housing sector in various regions through-out the world and believes it has potential to grow in scale in Australia, driven by favourable demographics and accommodative investment fundamentals.
I’m incredibly proud and excited to be part of providing a new, differentiated, and high-quality housing offering for both students studying in Australia and those young professionals recently starting their careers. The Switch will provide additional choice to this cohort of renters to what is currently in market. The Switch Founding Partners Craig Oliver and David Cameron have more than 40 years combined experience in purpose built housing and real estate operations. They have a strong track-record in delivering innovative brand-led lifestyle accommodation for their target tenants. Together with our shared values for sustainable living, technology, inclusiveness, and community, our platform is well positioned for success.” “The opening of our first four assets over the next 12 months coincides with the return of international students to Australia which is well underway.
“Australia is the 3rd largest international student market globally. With strong enrolment growth, particularly from students out of Asia and the continued strong ranking of our universities globally, Australia could well soon be the 2nd largest market in the years to come. Nuveen holds a strong conviction over the long-term prospects of the student accommodation market as well as other housing sectors in Australia.
“Through our dedicated housing investment platform, we are continuing to source and explore new opportunities for our clients across multiple housing sectors in Australia, including student housing, young professionals, build-to-rent / multifamily and also affordable housing,” Mr Taylor added.
David Cameron, Founding Partner for The Switch, said:
“Lifestyle-led rental accommodation is already proving to be hugely popular for younger generations in Asia, United States and Europe, and it’s a trend that is set to take off in Australia. Nuveen was the investment partner of choice for us given its depth of experience globally, our shared values and the firm’s commitment to the Australian market and our brand-led customer focussed approach”
Craig Oliver, Founding Partner for The Switch, said: ‘The Switch will be a market leading housing offering with a differentiated approach to what is currently in the shared living market, offering a vibrant community lifestyle and an abundance of opportunities and experiences that help young people connect and build the best version of themselves,”
“It’s radically-inclusive, aspirational and sophisticated living for future thinkers who want a positive change in their lives, and a switch to contemporary, wholistic and uncommon living.”
The Switch Perth Central
Located at 555 Wellington St, The Switch Perth Central is opposite the future CBD campus for Edith Cowan University and within a short walk of all the amenities the Perth CBD has to offer.
The property consists of 483 beds over 39 levels of purpose-built accommodation, making it one of the tallest residential buildings in Perth. The key industry group for promoting and supporting international students, Study Perth, has taken new office premises within the building.
Mr Oliver said: “It offers a combination of location, convenience and community all in one. The sky lounge on level 39 is fantastic communal space with stunning views and is a major drawcard for tenants in addition to a staffed fitness studio, co-working and study areas, theatre, communal kitchen, pop-up food retail, outdoor terrace garden, honesty kitchen, laundry and a bike sharing service.
“Our offering is not just about the physical amenity. Our on-site staff are experienced residential professionals who will create an unforgettable living experience for our tenants. It offers a vibrant community lifestyle, as well as an abundance of opportunities that help young people connect and build the best version of themselves”
Commenting on the property, Mr Taylor added: “Perth’s provision rate of Purpose-Built Student Accommodation is relatively low. This, combined with the city’ residential vacancy rate of less than 1% and frequently being ranked as one of the world’s most liveable cities, are a few reasons why we anticipate strong demand for our accommodation offering in Perth.”
The Switch Adelaide Central
Opening in May 2022, The Switch Adelaide Central will benefit from its proximity to highly rated universities and Adelaide’s tight residential vacancy rate of below 1%.
With 347 beds over 34 levels, Adelaide Central is located in a prime position on North Terrace. The property is at the doorstep of the University of Adelaide’s main campus and the future Flinders University CBD campus – planned to open in 2024. This property will also cater to both students and young professionals.
The Switch Kensington
Opening in August 2022 with 250 beds set amongst abundant gardens with a rare inner-city village feel. The Switch Kensington benefits from the ultimate combination of bustling city and serene nature and sits amongst one of Sydney’s most beautiful parklands with beaches, the city, a bustling social scene on the doorstep and a short walk to one of Australia’s best universities, the University of NSW.