Premier PBSA Asset in Brisbane’s Historic Lady Lamington Building Offered to Market

A rare opportunity to acquire a beautifully restored Purpose-Built Student Accommodation (PBSA) building on the fringe of Brisbane’s CBD has been presented to market.  The 695-bed facility, nestled in the historic Lady Lamington Building and forming part of the dynamic Herston Quarter redevelopment, offers a unique investment opportunity for investors seeking an operational PBSA asset.

Redesigned by the award-winning architects, Nettletontribe and redeveloped by Australian Unity, the property located at 86 Bramston Terrace, Herston combines modern student living with a deep sense of history, offering a mix of single, loft-style, and shared rooms within the heritage-listed building, blending architectural charm with contemporary amenities. Recognised for its commitment to sustainability and preservation, the Lady Lamington Building holds a prestigious place in Brisbane’s architectural legacy, earning an AIA Regional Commendation for Heritage Architecture in 2023.

Lady Lamington, also known as UniLodge Herston, is ideally located next to major educational institutions, including the University of Queensland’s Herston Campus – home to the Faculties of Medicine, Dentistry, and Public Health – and the Queensland University of Technology’s Kelvin Grove campus. UniLodge Herston is strategically positioned to serve the growing demand for student accommodation in Brisbane.

Conal Newland, Head of Operational Capital Markets at Savills Australia and New Zealand, said, “UniLodge Herston presents a compelling opportunity for investors. Its central location, historical significance, and modern facilities position it as a prime asset in Brisbane’s student accommodation market.

“The property’s proximity to two major universities ensures continued demand, and the property’s affordability angle, makes it an attractive option for investors looking for a secure, long-term income stream,” Mr Newland said.

Paul Savitz, Director of Operational Capital Markets at Savills Australia and New Zealand, added, “With its award-winning design and high standards of operation, the Lady Lamington Building offers an unrivalled student living experience.

“The asset offers strong management through UniLodge, along with significant potential for growth and stabilisation as the Herston Quarter and Exhibition Station precincts continue to develop. Additionally, the ongoing improvement of public transport options is expected to attract more students and enhance local amenities.” Mr Savitz concluded.

Since opening in 2022, the property has been consistently well-received by students, achieving around 95% occupancy rate in March 2025, with domestic students comprising around 20% of all residents. Lady Lamington attracts a diversified international student cohort, with over 65 nationalities represented. This established demand, combined with the asset’s average rental price point being below the wider off-campus market, helps to underpin strong operational performance.

Not only does UniLodge Herston offer a diverse and robust room mix, but it also provides residents with state-of-the-art communal facilities, including a MasterChef-inspired kitchen, cinema, study spaces, games rooms, gymnasium, and landscaped courtyards. The building’s blend of heritage and modernity creates a vibrant and comfortable living space, enhancing the overall student experience.

A unique opportunity to acquire an operational PBSA in one of Brisbane’s most coveted locations, Lady Lamington benefits from strong university partnerships, a growing student population, and the ongoing development of the Herston precinct.

The asset is offered for sale via Expressions of Interest, closing Tuesday 6th May 2025 at 11am (AEST).