Having purchased 89-109 Gray Street Adelaide in 2017 and proceeding with the construction of a 17-storey, 772-bed student accommodation building at 109 Gray Street, Wee Hur has purchased a second Adelaide site.
The deal, to purchase 124 Waymouth Street, was facilitated by Intergen Property. It was struck at $9.275 million with plans to develop a $90 million student complex. The vendor of the site was Goldfinger Casino Pty Ltd, which is owned by Jihad Hani of Hallett Cove.
Wee Hur Holdings Ltd is an investment holding company which was listed on the Singapore Exchange in 2008. Its main business is construction and property development, coupled with dormitory operations for workers and student accommodation, through its Wee Hur Purpose Built Student Accommodation fund, the Wee Hur PBSA Master Trust.
Wee Hur currently has 4,500 beds in its plans, including a Brisbane site and 185 A'Beckett Street, Melbourne, which it purchased for $35 million in 2017. Here it has an approved DA for a 47-storey, $105m student accommodation building comprising 900 beds, restaurant/cafe leasable floor area of 245 sqm on the ground floor and 44 car spaces. The group apparently also bought a site located near to Sydney University at Redfern for $52 million in June of this year.
The latest sale is similarly well located, being in close proximity to the Adelaide city campus of TAFE SA and UNISA International Campus. The property last traded at $4.4 million in 2013.