Nuveen Real Estate and The Switch partner with Flinders University on Adelaide housing asset16 November 2022
Nuveen Real Estate, one of the world’s largest real estate investment managers and a leading manager of housing investments globally, announced it has partnered with Flinders University on The Switch, Adelaide Central – the second project to open in its Australian housing portfolio.
The 347-bed building is in a prime position located at 203 North Terrace in Adelaide’s central business district, moments to Flinders University’s future CBD campus “Festival Tower” opening in 2024, the Lot Fourteen innovation precinct, and Adelaide’s central shopping, dining and entertainment precinct, Rundle Mall.
As part of the partnership, students at Flinders University will have priority access to a certain number of beds in the building. Featuring premium studios as well as shared apartments over 34 levels, the building caters to a young generation of renters.
The features of the building include a Level 34 communal sky lounge, a theatre, communal kitchen, games areas, parcel lockers, study and co-working spaces, outdoor terrace garden, laundry, honesty kitchen, shared bamboo bikes, and tech-smart bed heads.
The Switch Adelaide Central is the latest asset to open in a portfolio that Nuveen is developing in partnership with specialist purpose-built housing operator “The Switch”. In March, Nuveen announced the opening of the first building, The Switch Perth Central. The third project, The Switch Melbourne, Victoria Markets, is scheduled to open in Q1 2023 followed by the 250-bed The Switch Sydney, Kensington near the University of NSW.
Ben Taylor, Director of Housing for Nuveen Real Estate Asia Pacific, said: “The partnership with Flinders University is a uniquely coordinated approach to offering Flinders’ students a high-quality accommodation solution as part of their enrolment to study, taking away the hassle of trying to find a well-priced, well-located, and high-quality home in a city that is interstate or on the other side of the world.
“The partnership demonstrates The Switch’s ability to create strategic, value enhancing partnerships with high quality universities.
“Since the re-opening of Australia’s borders, we have seen through enrolments, visa applications and arrivals, as well as the high occupancy in our buildings, that the demand for Australia’s quality tertiary education offering remains strong and this continues to validate Nuveen’s long-term investment conviction on the Australian student accommodation sector.”
Flinders University Vice President Corporate Services Mark Gregory said: “With our expansion onto North Terrace with Festival Tower, we know there will be increased demand for city-based accommodation for our students, especially those from regional South Australia, interstate and internationally. The location of The Switch just a few minutes walk from our new CBD campus means it will be a hugely attractive housing option, which is why we wanted to partner with Nuveen and ensure our students receive priority access.
“It’s no secret that Adelaide has one of the most tightly held rental markets in the nation – supply is tight and that has flow-on effects for affordability.
“The flexible living options available through The Switch, with single living and co-living apartments, backed with student-focused in-house facilities and supports, align with Flinders’ student-centred ethos and aim to ensure our students have the best of all worlds for study, living and socialising,” Mr Gregory said.
Craig Oliver, Founding Partner for The Switch, said: “We are extremely excited about partnering with such a high-quality educational institution and being able to provide an innovative living experience on the doorstep of the new Flinders University city campus.
“We are excited to be able to offer this market leading housing solution, which stands apart from other housing options in the city.
“The Switch is far more than just a place to live, offering a vibrant community lifestyle and a range of opportunities and experiences that help young people connect and fulfill their potential.”
David Cameron, Founding Partner for The Switch, said: “Lifestyle-led rental accommodation is a trend that is set to accelerate in Australia, having proven popular for younger people in Asia, the United States and Europe.
“The Switch Adelaide Central provides a combination of a convenient location, lifestyle and community all in one. The Switch brand promises more than just a superb building. It has been customised to appeal to the lifestyle expectations and dreams of a younger generation of renters with a focus on sustainability, technology and an active community. This will all be delivered by our on-site staff who are experienced residential professionals who understand the importance of belonging and who will create unforgettable living experiences for our customers.”