Student AccommodationHudson FarrMon 03 Aug 26
Holdmark, Uni Ink Deal for $100m Office-to-PBSA Scheme at Parramatta
Holdmark Property Group will convert a vacant office building in Parramatta’s CBD into a $100-million purpose-built student accommodation project under a partnership with Western Sydney University.
The adaptive reuse project at 10 Valentine Avenue will deliver accommodation for up to 600 students in a 14-storey commercial building beside the Parramatta rail and bus interchange.
Work is expected to begin next month, and the first students are scheduled to move in during the fourth quarter of 2027.
Holdmark acquired the broader 2-10 Valentine Avenue site from Australian Unity in 2024. Its plans for a $497-million, 72-storey residential skyscraper are making their way along NSW’s Housing Delivery Authority pathway.
Completed in the late 1980s, the building slated for the PBSA project provides about 16,000sq m of commercial floor space and was previously occupied by NSW Government agencies before those departments relocated to Parramatta Square.
The State Significant Development application is on public exhibition until April 14 and has been filed through NSW’s Housing Delivery Authority pathway.
Holdmark chief operating officer Kevin Nassif said the project would reactivate an underused commercial asset while increasing the supply of student accommodation in Parramatta.
“Rather than demolishing an older building and starting again, we are giving an existing asset a new purpose through a major refurbishment that will deliver high-quality accommodation, outstanding student amenities and renewed activity in this important part of the Parramatta CBD,” Nassif said.
The project adds to a growing pipeline of office-to-student accommodation conversions as owners seek alternative uses for ageing commercial buildings.
Earlier this month, Dexus opened a 27-storey purpose-built student accommodation tower after the adaptive reuse of a 1970s office building in Brisbane’s CBD.
Dexus said retaining the existing structure avoided about 20,800 tonnes of carbon dioxide equivalent compared with constructing a new residential building of a similar size.
The rise in adaptive reuse comes as landlords confront rising costs associated with upgrading older office stock.
Research by JLL estimates about $1.9 trillion in capital expenditure will be required globally to bring ageing office buildings up to modern standards.
Across 66 major office markets, between 322 million and 425 million square metres of the existing 776 million square metres of office space is expected to require substantial investment to remain competitive.
Western Sydney University chief operating officer Bill Parasiris said increasing the supply of accommodation close to campus would improve affordability and student outcomes.
“By increasing the supply of quality, affordable student accommodation close to campus, we are supporting student success, wellbeing, retention and a more connected university experience,” Parasiris said.
The Valentine Avenue project is near Parramatta’s transport interchange and within walking distance of the university’s CBD campuses.
The project is part of broader investment reshaping Parramatta, alongside developments including Sydney Metro West, Parramatta Square and the continued expansion of Western Sydney University’s city campus.
