Precinct to develop NZ’s largest student accom in $290m project…

29th May 2025 By Paul Yandall | paul@propertyticker.co.nz | @propertyticker

Precinct Properties is partnering with an overseas investor to develop the largest student accommodation facility in New Zealand.

Precinct will build around 960 self-contained studios for the University of Auckland’s purpose-built student accommodation (PBSA) at 22 Stanley St in Auckland, as part of the Carlaw Park Student Village.

The listed developer told the NZX this morning that a Singapore-based institutional investor, which it did not name, will help fund the development, expected to be valued at around $290m upon completion.

“Over the last 18 months, we have been focussed on progressing our living strategy,” Precinct chief executive Scott Pritchard said.

“As part of this strategy, we identified the significant shortfall of student accommodation in Auckland, against a backdrop of growing demand for Auckland’s highly rated universities.

“In response, we have secured a substantial pipeline of well-located new student accommodation opportunities. Committing to our first PBSA project supports the execution of Precinct’s pipeline, with this initiative advancing both our living and capital partnering strategies.”

The development will be funded through the new capital partnership, with Precinct retaining a 20% stake and leading the development, management, and property operations. The offshore partnership is conditional on Overseas Investment Office consent and confirmation of the financing terms.

“We are thrilled to be working closely with the University of Auckland to deliver for them the largest student accommodation facility in New Zealand, comprising circa. 960 self-contained studios,” Pritchard said.

“We are equally excited to be collaborating with Singapore-based institutional capital to cost-effectively fund New Zealand’s social infrastructure.

“This transaction reflects confidence in Precinct, strong endorsement of our living strategy and the strength of the New Zealand capital markets.”

The university’s chief property officer, Simon Neale, said the new development illustrated its commitment to student wellbeing.

“The 22 Stanley St project marks an important step in our long-term strategy for growth in residential student accommodation, responding to the increasing student demand for high-quality, affordable student accommodation.

“This sort of capital partnership also enables the University of Auckland to deliver new developments without bearing the capital costs for construction. It gives us more financial flexibility and is an approach we are keen to follow for other campus developments in the future.”

Haydn & Rollett has been appointed the main contractor for the development, with construction to start shortly targeting an opening at the beginning of the 2028 calendar year.