Investa has entered a strategic partnership with JR West Real Estate & Development Company and Sotetsu Real Estate Co to deliver a new studio living scheme at 140 Elizabeth Street in Sydney.
140 Elizabeth Street is currently occupied by The Salvation Army, who will continue to operate from new, integrated, ground floor and level one purpose-built premises once the development is complete.
“JR West and Sotetsu are globally recognised investors who share conviction in the strong market fundamentals underpinning Studio Living. We are delighted to establish our partnership with JR West and Sotetsu to execute our studio living venture.”
Stuart Rowe, Head of New Business and Origination, Investa
The $230m development will comprise approximately 251 fully furnished, self-contained studio apartments and amenities including co-working spaces, indoor entertainment areas, communal dining zones and outdoor terraces.
Sumitomo Mitsui Trust Bank (SMTB) supported JR West and Sotetsu with this investment.
“For our first investment in the Australian Living sector, the opportunity to partner on a quality project with strong underlying demand fundamentals was very attractive.”
Mr Sugiyama, Director and General Manager of Overseas Business Department, Sotetsu
A Development Application (DA) is with the City of Sydney Council and, subject to planning consent, construction is anticipated to start in 2027, with the scheme expected to be operational in mid-2029.
“Our partnership with Investa provides access to a high-potential asset class in a dynamic market like Sydney.
“We will continue to explore and discuss further opportunities for joint ventures in Australia. We are excited by the opportunity to build scale in Studio Living alongside a proven investment manager.”
Mr Kosuga, Executive Officer and General Manager of the Overseas Business Department, JR West
Studio Living is designed to appeal to a broad demographic seeking well‑designed, amenity‑rich, conveniently located, and cost‑effective rental alternatives to traditional housing in CBD and fringe locations.
“Having established Indi, our Living sector platform, we are delighted to have made our first investment in Sydney CBD’s first institutional grade Studio Living asset.
“With development planning underway at 140 Elizabeth Street – our Living portfolio grows to over 1,600 purpose-built homes representing a total investment of over $1.3bn (value on stabilisation).
“We look forward to building a successful and long-term partnership with JR West and Sotetsu and we are focused on unlocking further high quality, inner urban opportunities via our asset create and investment management capabilities.”
Adam Crowe, Chief Investment Officer, Investa
