Student Housing Firm Buys $32M Waterloo Site

This move aims to relieve pressure on accommodation for international students, although local rental market constraints could complicate development plans.

Following a period of political uncertainty around international student intake, recent regulatory clarity is helping to rebuild confidence in the sector. The Waterloo acquisition is part of the developer’s broader $150 million strategy to expand student-focused infrastructure. This plan is supported by a global investment fund with partners from South Korea, Canada and the Netherlands. The site is located near the University of Sydney’s Taylors College, positioning it well to meet student housing needs.

The Living Company expects to develop around 300 student units on the site, which is currently home to warehouses and offices. However, the company has raised concerns about outdated tenancy laws in New South Wales. These laws do not take student-specific needs into account and may affect occupancy levels and rental affordability, particularly if broken leases cannot be easily relet.

This purchase adds to an already active year for The Living Company. The firm recently acquired a $3.85 billion retirement living portfolio and is progressing a build-to-rent project in Marrickville. With a portfolio of about 110 purpose-built residential communities, the company believes its scale will help lower housing costs over time.

Waterloo is also attracting interest from other major developers. A new metro station and broader urban renewal are driving competition, with nearby investments from rival student housing groups like Iglu. The area's strong connections to nearby neighborhoods such as Redfern and Surry Hills add to its growing appeal.

As the federal government implements measures to manage student numbers through university agreements and processing reforms, developers are moving quickly to respond with purpose-built accommodation. While policy settings may continue to change, both investor interest and development activity in student housing remain strong.

Source: The Australian

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