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CBD | Scape Swanston | 393 Swanston Street | 138m | 42L | Student

Mark Baljak's picture
#1

Due for its own thread - build starts in 2 weeks
AFR 2/11/15
China's biggest bank backs Scape's student digs Downunder

The world's largest bank, China's ICBC, has made its biggest foray yet into Australian real estate, with a $100 million equity injection into a joint venture with fast-growing student accommodation provider Scape Living.

Through its real estate investment arm, ICBC adds its heft to an existing partnership between London-based Scape and Dutch pension giant APG, taking the venture size to $310 million.

APG has stepped up its own investment to maintain 50 per cent of the partnership, alongside ICBC and Telopea Capital's Craig Carracher and Stephen Gaitanos, who have a personal stake in the venture.

Mr Carracher and his partners have secured the Chinese connection just two weeks before they begin construction on their first Melbourne project on Swanston Street, directly opposite RMIT University.

"We didn't anticipate to be as successful as we were in securing the number of assets that we have," Mr Carracher told The Australian Financial Review.

"We've grown about a year faster in the last nine months than we had planned to.

Read more: http://www.afr.com/real-estate/chinas-biggest-bank-backs-scapes-student-...

so a nice new exposed side wall opposite SLV now the corner tower at 391 Swanston is no more - not a great result

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db2's picture

Metro won't effect this?

I guess it won't.

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Melbourne_Fragments's picture

I can see this one looking awful in real life, renders never show just how boring the concrete will be and just how quickly the cheap timber will age

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MelbourneGuy's picture

Student accommodation will never receive the quality other developments get. It'll be built as cheaply as possible with only the minimum requirements included.

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3000's picture

Something this cheap looking shouldn't go on such an important part of Swanston. Oh look, some cafes space, how thoughtful of them to think it will mitigate a cheap, boundary-riding tower like this
Is this really the best outcome they could come up with for this site?

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Melbourne_Fragments's picture

you talk as if thats a natural unchangable natural order Melbourneguy. it isn't, we build cheaply like this and with little design merit because of short-term profit concerns motivated by a particular economic worldview, the world doesn't have to work like that

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Nicholas Harrison's picture

Is it all concrete or will some of the facade be aluminium panels or similar?

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Peter Maltezos's picture

YUK! no

I collect, therefore I am.
thecollectormm.com.au

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3000's picture

Reject this crap

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Les Whyte's picture

This building is so poorly design don't build it please.

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Mark Baljak's picture

bit too late now. anyway didn't see the materials schedule Nico

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3000's picture

It's in such an important location. The crap has finally made its way out of Docklands and into the heart of the CBD

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Melbourne_Fragments's picture

"TP-2014-934 - Demolition of existing building and construct a multi storey mixed use building (student accommodation and retail) and waiver of loading facilities.
This application was made on 29th of October, 2014.
Its status is "At Referral"

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Laurence Dragomir's picture

It's approved.

And for what it's worth I actually like it - it's good to see more timber used in the CBD.

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Ryan Seychell's picture

It's a DCM design isn't it? Might turn out okay. Reminds me of 379 Collins Street a bit.

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Melbourne_Fragments's picture

given the metro tunnel, w'ere possible looking at a large concrete wall facing the State Library and Melbourne central for decades potentially..

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3000's picture

Clad the freaking thing or get some interesting art to go there in the meantime. Just enough with the blank walls ffs

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Melbourne_Fragments's picture

^ that would impact on the maximum return on profits for the developer, so unlikely to happen

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3000's picture

Okay, another blank wall it is.

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Sydney Struwig's picture

Large electronic billboards will help and they will get revenue from it - our version of Times Square ?

Connecting ideas, places and people. #ohyesmelbourne

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Qantas743's picture

It's a shame the powers that be are so fixated on trying to make things difficult for projects like Premier and 447 Collins while shit like this gets a free pass.

Also they probably though they could get away with a blank wall because they assumed the tower on the HJ site would simply block it out but thanks to Metro that ain't going to happen now.

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Melbourne Muse's picture

Lawrence, it's not great to see new wood at the cost of soooo much more exposed bloody concrete.

Marvelous Mega-Melbourne

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3000's picture

File under: overseas investors dumping their shit here

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Alastair Taylor's picture

^ No. File it under: Universities-chasing-the-foreign-dollar-and-winning-thus-requiring-us-to-build-more-student-accommodation-in-already-student-ghetto-like-Carlton-and-now-the-city.

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Nicholas Harrison's picture

The site on the corner will be developed after mm is completed just like Melbourne Central and Republic Tower were developed after the city loop was completed.

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Melbourne_Fragments's picture

surely theres a role for govenrment to build high quality (and thus long lasting and long term financially sound) student housing so that it isn't just left to overseas investors turning a quick profit to the detriment of the city, and students .

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