Journal Books PBSA Site on Doorstep of Adelaide University

Across the street from Australia’s newest university, PBSA specialist Journal Student Living has puts its foot on a a vacant Adelaide CBD site once spruiked as a potential location for the state’s tallest building.

The $26.29-million acquistion sets the scene for a $400-million student living project and marks the entry of Journal—a partnership between Citiplan Property and global asset manager Brookfield Management—into the Adelaide market.

The expressions-of-interest campaign for the state-owned site at 274 and 275 North Terrace attracted more than 80 enquiries and was managed by JLL on behalf of Renewal SA.

The recently cleared parcel is across North Terrace from the main buildings of the new Adelaide University—formed in January by the merger of The University of Adelaide and University of South Australia.

JLL’s Ben Parkinson said investors were drawn to the site’s scale, triple-street frontage and scope for development.

“The buyer recognised the site’s potential to deliver a city-shaping project that complements the momentum of East End and the transformation under way at [the nearby] Lot Fourteen [innovation hub],” he said.

At the start of its marketing campaign in late 2024, Renewal SA said the state would work with the eventual purchaser to increase the maximum building height allowed for the 2747sq m plot, “making it possible for this site to one day be the location of the city’s tallest tower”.

On the corner with Frome Street, the site is across from a 36-level tower global PBSA firm Yugo began operating in 2022.

JLL research shows that with 28,976 international students in Adelaide this year and  6085 PBSA beds available. The research says this means there is a shortfall of more than 6776 PBSA beds in Adelaide.

JLL’s Jack O’Leary said the planned development [concept pictured at top] was crucial because there were just 706 beds under construction and 2060 beds approved for Adelaide.

“Adelaide’s 21 per cent ratio of completed beds to student commencements highlights a significant supply gap that this landmark development will help address,” he said.