Wedoany.com Report on Mar 3rd, Professional student accommodation operator Journal Student Living has invested AUD 26.29 million to acquire a vacant plot of land on North Terrace in Adelaide, planning to develop a student accommodation project valued at AUD 400 million. Located at 274-275 North Terrace and covering an area of 2,747 square meters, the site is bounded by streets on three sides and sits opposite the main campus of the new University of Adelaide, formed in January this year through the merger of the University of Adelaide and the University of South Australia. This acquisition marks the official entry of Journal—a joint venture established by Citiplan Property and global asset management firm Brookfield—into the Adelaide market.

The student accommodation project will be designed by COX Architecture, the firm behind the Adelaide Oval redevelopment, and is planned to provide hundreds of student apartments, equipped with facilities such as open study areas, a cinema, shared kitchens, a library, and a gym. The ground floor is planned to include a public plaza and dining/retail spaces, aiming to activate the streetscape at the eastern end of North Terrace. Ben Parkinson of JLL stated that investors were attracted by the site's scale and its development potential with three street frontages, seeing the potential to create an iconic urban project. JLL research shows that Adelaide currently has 28,976 international students, while there are only 6,085 beds in dedicated student accommodation projects, indicating a supply gap of over 6,776 beds.

The construction of this student accommodation project will help alleviate pressure on Adelaide's rental market by diverting students away from the private rental sector. Currently, only 706 beds are under construction in Adelaide, with another 2,060 approved. Housing Minister Nick Champion stated that the university merger and CBD housing policies have made Adelaide a city where international developers are willing to invest. Journal plans to commence site preparation and construction this year. This will be Journal's fourth student accommodation project in Australia, following projects in Melbourne and Brisbane.