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- Aspen Group (APZ) has purchased a partially refurbished co-living community for $3.75 million at Cooks Hill in Newcastle, New South Wales
- This residential building currently has 55 rooms that are suitable for singles and is undergoing a refurbishment
- Aspen intends to finish the refurbishment of the community areas and combine some units and add en-suites to improve the accommodation on offer
- At market close, Aspen is up 2.28 per cent and is selling shares for $1.12 each
Aspen Group (APZ) has purchased a partially refurbished co-living community at Cooks Hill in Newcastle, New South Wales.
The company has purchased the co-living community for $3.75 million and settlement is expected to occur in six weeks.
The group says Newcastle is New South Wales second largest metropolitan area and has a very diverse economy. Cook Hills is one of Newcastle’s premium suburbs and is located between the CBD and the coastline.
This residential building currently has 55 rooms that are suitable for singles. It is undergoing a refurbishment and is currently only 60 per cent occupied. Aspen intends to finish the refurbishment of the community areas and combine some units and add en-suites to improve the accommodation on offer.
“There is also the potential to add more ‘affordable rental housing’ floorspace to the site under current planning guidelines and develop the entire site for higher and better use in future,” the company said.
After the refurbishment, the total all-in cost is expected to be around $4.75 million, equating to $116,000 per unit.
This announcement follows the recent purchase of residential land at Burleigh Heads in Queensland.
“We expect to be able to continue to grow Aspen’s business and portfolio profitability in future and we believe the opportunities will increase during this economic downturn,” the company said.
At market close, Aspen is up 2.28 per cent and is selling shares for $1.12 each.
