Singapore-listed student accommodation operator Wee Hur Holdings has acquired a major lower north shore development site in Sydney for over $50m. It has been earmarked for a co-living scheme.
Located on Nicholson Street in Wollstonecraft, the site spans 2,944 sqm and includes 18 separate strata-titled townhouses positioned on a corner holding. The transaction was managed by JLL Joint Heads of Metropolitan Sales and Investments – NSW Dylan McEvoy and Gordon McFadyen, who said the opportunity attracted interest from around six groups operating across the living sectors.
The site’s investment appeal was supported by its recent rezoning through the NSW Government’s Transport Oriented Development programme, alongside its proximity to the new Crows Nest Metro station, located approximately 170 metres away.
“This campaign saw strong engagement from groups focused on the living sector, which continues to be one of the most buoyant areas of the market.
“Sites that can support student accommodation and co-living are particularly sought after, given the depth of demand and limited supply in well-connected urban locations.”
Gordon McFadyen, Joint Head of Metropolitan Sales and Investments – NSW, JLL
Under the updated planning framework, the property now benefits from R4 High-Density Residential zoning, allowing for a potential gross floor area of 10,304 sqm.
Wee Hur is considered an established participant in Australia’s student accommodation market, having previously developed and later exited a sizeable local portfolio. The acquisition signals continued investor interest in operational living sectors, particularly co-living and student accommodation, as demand for professionally managed rental housing continues to grow.
The deal also reflects broader momentum within Australia’s co-living market, driven by ongoing housing supply shortages, population growth and changing renter preferences. Demand has been particularly strong among students and younger professionals seeking accommodation close to transport links, employment centres and lifestyle amenities at more accessible price points.
“The exceptional Metro connectivity and planning uplift made this a natural fit for a specialist developer like Wee Hur. Matching the right site with the right capital is critical in today’s market, particularly as developers become more targeted in their acquisition strategies.”
Dylan McEvoy, Joint Head of Metropolitan Sales and Investments – NSW, JLL
Research published in Knight Frank Australia’s Co-Living Report 2025 found that co-living rents in Sydney begin at around $675 per week, compared with approximately $730 per week for a comparable apartment before utilities and furnishing costs are included.
The sector’s expansion has also been supported by an increasing number of adaptive reuse projects across Sydney. One recent example is the former Sydney Potts Point Central Apartment Hotel, which was acquired in May 2025 for $31.5m by BGO Strategic Capital Partners and Hotel Capital Partners after softer tourism conditions affected the asset’s performance.
Following refurbishment works to the existing art deco building, the property has since been repositioned as a UKO co-living scheme, underlining how investors are increasingly repurposing traditional accommodation assets to meet rising demand for flexible long-term rental housing.
The Wollstonecraft acquisition adds further weight to the growing role of co-living within Australia’s wider Build to Rent and operational living landscape, particularly in transport-connected urban locations where affordability pressures continue to intensify.
