Co-living surge fuels $50m-plus Wollstonecraft development deal
A major lower north shore development site in Sydney, set for a co-living complex, has sold for more than $50 million to Singapore-listed student accommodation specialist Wee Hur.
The Nicholson Street property in Wollstonecraft spans 2944 square metres on a corner site and comprises 18 separate strata-titled townhouses.
The sale was managed by JLL’s joint heads of metropolitan sales and investments – NSW, Dylan McEvoy and Gordon McFadyen, who said around six living-sector groups actively pursued the opportunity.
“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,” said McFadyen.
“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.”
The Wollstonecraft site’s appeal was further strengthened by its recent rezoning under the NSW government’s Transport Oriented Development program and its location just 170 metres from the new Crows Nest Metro station.
The property now benefits from R4 High-Density Residential zoning, allowing for a potential gross floor area of 10,304 square metres.
“The exceptional Metro connectivity and planning uplift made this a natural fit for a specialist developer like Wee Hur,” said McEvoy.
“Matching the right site with the right capital is critical in today’s market, particularly as developers become more targeted in their acquisition strategies.”
Wee Hur is regarded as an early mover in Australia’s student accommodation sector, having previously established and later divested a substantial local portfolio.
The transaction highlights the ongoing surge in co-living and student accommodation across Australia, amplified by housing supply constraints, population growth and shifting renter preferences, particularly among students and young professionals seeking connected accommodation near transport and employment hubs that is within their budgets.
Research published in Knight Frank’s Co-Living Report 2025 shows co-living rents in Sydney start at about $675 per week, compared with roughly $730 for a comparable apartment before utilities and furnishings are factored in.
Momentum within the co-living sector has also been reflected in a growing number of adaptive reuse projects across Sydney. The former Sydney Potts Point Central Apartment Hotel, once a popular short-stay accommodation option in the inner city, was acquired in May 2025 for $31.5 million by global multi-manager BGO Strategic Capital Partners and Sydney-based Hotel Capital Partners after softer tourism demand impacted the asset.
Following a modern yet sympathetic renovation of the original art deco building, the property has since been repositioned as a UKO co-living development, highlighting how investors are increasingly repurposing traditional accommodation assets to meet rising demand for flexible long-term living.
