- The project is the second of four in Australia to be announced by Nuveen
- The 347-bed building will cater primarily to university students at Flinders
- Similar projects have been popular across Asia, Europe and the United States
Nuveen Real Estate, one of the largest real estate investment managers in the world, has announced a partnership with Flinders University on The Switch in Adelaide Central.
This project is the second Nuveen has launched in Australia.
The Switch is a 347-bed building located at 203 North Terrace in the Adelaide CBD, near Flinders University’s future CBD campus “Festival Tower” which is set to open in 2024. It will also be near the Lot Fourteen innovation precinct and Rundle Mall.
Due to the partnership, students at Flinders University will have priority access to a set number of beds in the building. Catering to a younger generation of renters, the building will feature premium studios along with shared apartments over 34 levels.
Level 34 itself will accommodate a communal sky lounge, a theatre, a communal kitchen, games areas, lockers, and study and co-working spaces.
National expansion
The news follows the opening of their first building, The Switch Perth Central. The third project, The Switch Melbourne, is expected to open in Q1 2023, with the 250-bed The Switch Sydney in Kensington expected to open after then.
Director of Housing for Nuveen Real Estate Asia Pacific, Ben Taylor, said the partner with Flinders University is a uniquely coordinated approach to offering a high-quality accommodation solution to students.
“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,” said Mr Taylor.
“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.”.
Mark Gregory, Flinders University Vice President Corporate Services, added that with the expansion onto North terrace with Festival Tower, there will be increased demand for city-based accommodation, especially 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,” said Mr Gregory.
“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.”
Craig Oliver, Founding Partner for The Switch, said the team is excited to be partnered with the University, and being able to provide an innovative living experience for students.
“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.”
Fellow Founding Partner, David Cameron, said the lifestyle-led rental accommodation is a trend that is expected to accelerate in Australia, following success in Asia, Europe and the United States.
“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.”
