Centurion buys $9m Nedlands site
The acquisition paves the way for a $60 million student accommodation tower on Stirling Highway.
Global student accommodation provider Centurion has purchased a Nedlands building from Ascot Capital’s directors for $8.8 million, paving the way for a student accommodation facility.
Centurion purchased 37 to 40 Stirling Highway from Hot Sand Capital Pty Ltd.
Australian Securities and Investments Commission records show that Hot Sand is controlled by Ascot Capital directors Greg King, David van der Walt and Stephen Lauder.
The private fund manager has its offices on the site, which are expected to be demolished to make way for a 446-room student accommodation building approved earlier this year.
The property consists of four lots spanning 2,123 square metres on the corner of Stirling Highway and Williams Road.
Singaporean-backed Centurion gained approval in May for a 19-storey student accommodation tower, which aims to service demand from the nearby University of Western Australia.
Estimated to cost $60 million, Dwell Student Living is expected to be the operator of the facility.
Sterling Property managing director Brian Neo brokered the sale of the property.
“This was a rare opportunity to secure a landmark corner in the Nedlands high-density precinct,” Mr Neo said.
“Centurion moved decisively to secure the property off-market, recognising its potential to deliver long-term social infrastructure aligned with WA’s growing international student population.”
Ascot Capital is mostly known for its $1.5 billion divestment of Jandakot Airport and surrounding land to Dexus in 2021.
Its directors, via Hot Sand Capital, scrapped plans to develop an 18-storey residential and commercial tower on the site, approved in 2022.
“The shift from luxury apartments to student accommodation reflects evolving market priorities, driven by strong demand for high-quality, well-located PBSA developments,” Mr Neo said.
