In its assessment, Urbis said students formed a significant part of the rental market, so the Brookfield/Citiplan development would take pressure off Brisbane’s increasingly tight private rental market.
Brookfield head of Australian real estate Sophie Fallman said the tower would include libraries, dining, a gym, a cinema, gaming room and an “open-air amphitheatre-style space” as part of a multi-level skydeck and roof terrace.
“Brisbane is considered a key market for Australian student accommodation, with the market performing extremely well over the past 12 months and with that performance expected to remain as students continue to return to Australia,” she said.
“Brookfield has a large global student accommodation platform and we expect the Australian business to contribute meaningfully to this over the coming years as we build our presence.”
Lord Mayor Adrian Schrinner said it was welcome news for an industry that bore the brunt of COVID-19.
“Before the pandemic, Brisbane hosted about 70 per cent of Queensland’s international student cohort.
“This was around 100,000 people who not only studied in Brisbane but also worked in our local industries,” he said.
“Student accommodation providers are telling us inquiries are strong and this is fantastic news for Brisbane’s economy.”
In 2018, Student One opened its student accommodation tower on Wharf Street, which was believed to be the tallest purpose-built student accommodation tower in the world.
