HS Optimus Holdings says that its subsidiary Ambertree Vic Mel (Lincoln), together with its development manager, Fathom Group have obtained a planning permit to build a student accommodation in Melbourne.
The property is at 23-31 Lincoln Square South, sitting on some 906 sqm of freehold land.
The student accommodation will be 14-storey tall and will have a gross floor area of 9,184 sqm, with space for 268 beds and with further approvals increase to 300 beds.
The property is on the edge of Melbourne’s CBD and is within walking distance away from both the University of Melbourne and Royal Melbourne Institute of Technology, with a combined student population of more than 143,000.
Jones Lang LaSalle (VIC) has been appointed to market this property.
In its Oct 18 announcement, HS Optimus did not provide the gross development value of this property.
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According to HS Optimus, this project enlarges its Australian property development and investment business and tap on the rising demand and under supply of student accommodation in Victoria, where it is active since 2014.
“We are confident about the long-term fundamentals of the Australian student accommodation market and are excited to see the project move forward in partnership with Fathom Group," says Chia Fook Sam, chief operating officer of HS Optimus.
“We are delighted to achieve planning approval for this landmark project, which has been carefully designed to contribute positively to the character of Carlton and to provide a contemporary, high-amenity living environment for students.
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"The site’s proximity to major universities and transport links makes it one of Melbourne’s most attractive purpose-built student accommodation opportunities,” says Bobby Kennedy, development director of Fathom Group.
HS Optimus used to be known as KLW Holdings and its core business is in the production of doors.
HS Optimus shares last traded at 0.2 cents.
