Dexus and Marquette Properties plan to repurpose a class B office building in the central business district of Brisbane, Australia, into a modern, purpose-built student accommodation (PBSA) facility providing 1,200 beds. The asset is expected to be valued at about A$500 million ($343 million) on completion.
The deal is being acquired through Dexus’ opportunistic fund series, Dexus Real Estate Partnership (DREP), with 5 percent of the economic interest held by Marquette Properties. Dexus and Marquette Properties will be joint development managers.
41 George Street in Brisbane occupies a high-profile, elevated site and has unique attributes for conversion to student accommodation. The existing structure, centralized lift core and facade will be reutilized and will include three floors of resident amenities including gym, yoga, gaming and cinema rooms. The 27-story tower will be the closest student housing to Queensland’s second-largest university campus, Queensland U
