Academics and students attending Adelaide’s main universities are driving sales in West Franklin, situated in the heart of Adelaide CBD’s university precinct.
Education is Adelaide’s largest service export with over 27,000 international students driving rental demand, according to the latest figures from the Department of Education and Training (March 2018).
Alex Stuart, Associate Director from Urbis said, “The higher education sector in Australia has experienced rapid growth over the past decade driven largely by an increase in international students. Adelaide has over 27,000 international students predominantly from China, India, and South East Asia. The large number of international students combined with a growing education sector workforce is anticipated to boost rental demand within Adelaide City.
“APM PriceFinder highlights that units in Adelaide’s CBD are achieving a gross rental yield of 4.1 per cent. Year to date data shows that the number of international university students in South Australia has grown by 8.5 per cent in 2018 compared to 2017. The University of South Australia and University of Adelaide’s location in the CBD has helped drive demand for high quality apartments in the city.”
West Franklin is located within a 1.4 kilometre radius from the University of South Australia (City West and City East campuses), 1.1 kilometres from the University of Adelaide, Torrens University is 800 metres and Flinders University is a short 700 metre walk.
Cameron Porter, National Sales Manager for Greaton comments, “West Franklin’s position in the middle of Adelaide’s university district has been a driver for sales from many different groups working in this precinct including researchers, academics, professionals and students. Demand from the education sector has been strong, attracting a broad range of age groups, university professions and workers. Walkability to Adelaide’s four major universities is very important for this cohort of purchasers.”
Academic, researcher and writer, Dr David Ness and his visual artist wife Jennie Goh recently purchased a two bed plus study in West Franklin. David comments, “I work with several local universities and businesses in Adelaide’s CBD. It was important that our next move was easily accessible to these areas. We are also downsizers looking for a lock-up and leave apartment to ensure we can easily travel with no hassles left behind. A low maintenance apartment was ideal to suit our needs.
“We are also foodies so will enjoy the new abode’s proximity to cafes, restaurants and the Central food markets. Jennie loves to cook and also works in the food industry. Accessibility to fresh produce is very important to her.”
Hundreds of local contractors are currently working on site at West Franklin and expect to reach the top very soon. The development is on schedule to officially open early next year.
The urban village precinct has been designed to meld with the historic fabric of the site. Its stylish glass, metal and concrete exteriors are designed for the 21st Century. The shell of the existing two storey red brick building at the corner of Franklin and Morphett streets will be retained as a reminder of the precinct’s industrial past. Brickwork podium elements will be utilised elsewhere to visually link the residential towers. The textural quality of the low-level brick facade reinforces the residential nature of the development and recognises the historic fabric of the site.
The first stage of West Franklin is located on the corner of Elizabeth and Franklin Streets and features 271 residential apartments spread across two towers (north tower is 20 storeys and the south tower is 18 storeys). They both share a common podium comprising 1,245 sqm of retail and commercial on the ground level, resident facilities and car parking.
Residential facilities in the podium area, adjoining the two towers on level seven include a 20 metre glass edged pool, gym, sauna and steam room with spectacular views to the beach, CBD and parklands. This area will also feature a landscaped Sky Park BBQ area with covered pergola, seated areas, indoor lounge, kitchen and dining spaces, golf driving simulator, exclusive cinema and shared library/office. The north tower’s level 20 boasts a stunning roof top terrace, indoor/outdoor seating and fireplace for residents.
For further information visit www.westfranklin.com.au or call 1300 992 166
Greaton entered the Australian market in 2011. The company is a leading diversified property business covering residential apartments, hotel, retail, serviced apartments and commercial activities across Sydney and Adelaide. It is currently developing in excess of $2 billion in projects. Greaton’s consistent goal is to craft extraordinary places that bring people together. We don’t just create buildings. We create environments that facilitate meaningful connections.