Artist impression: 140 Elizabeth Street, Sydney.
Investa has entered a strategic partnership with JR West Real Estate & Development Company (JR West) and Sotetsu Real Estate Co., Ltd (Sotetsu) to deliver a new Studio Living project at 140 Elizabeth Street, Sydney – the current site of The Salvation Army who will continue to operate from new, integrated, ground floor and level one purpose-built premises once the development is completed.
The partnership will deliver Investa’s first Studio Living project. When finished, the $230 million project will comprise approximately 251 fully-furnished, self-contained studio apartments along with a range of communal space including co-working spaces, indoor entertainment areas, communal dining zones and outdoor terraces1.
Stuart Rowe, Head of New Business and Origination, Investa said: “JR West and Sotetsu are globally recognised investors who share conviction in the strong market fundamentals underpinning Studio Living. We are delighted to establish our partnership with JR West and Sotetsu to execute our Studio Living venture.”
Studio Living is designed to appeal to a broad demographic seeking well‑designed, amenity‑rich, conveniently located, and cost‑effective rental alternatives to traditional housing in CBD and fringe locations.
Mr Kosuga, Executive Officer and General Manager of the Overseas Business Department, JR West said: “Our partnership with Investa provides access to a high-potential asset class in a dynamic market like Sydney.
“We will continue to explore and discuss further opportunities for joint ventures in Australia.
“We are excited by the opportunity to build scale in Studio Living alongside a proven investment manager.”
Mr Sugiyama, Director and General Manager of Overseas Business Department, Sotetsu said: “For our first investment in the Australian Living sector, the opportunity to partner on a quality project with strong underlying demand fundamentals was very attractive.”
Sumitomo Mitsui Trust Bank (SMTB) supported JR West and Sotetsu with this investment.
Adam Crowe, Chief Investment Officer, Investa said: “Having established Indi, our Living sector platform, we are delighted to have made our first investment in Sydney CBD’s first institutional grade Studio Living asset.
“With development planning underway at 140 Elizabeth Street - our Living portfolio grows to over 1,600 purpose-built homes representing a total investment of more than $1.3 billion (value on stabilisation).
“We look forward to building a successful and long-term partnership with JR West and Sotetsu and we are focused on unlocking further high quality, inner urban opportunities via our asset create and investment management capabilities.”
A development application is with the City of Sydney Council and, subject to planning consent, construction is anticipated to commence in 2027, with the asset expected to be operational in mid-2029.
1Subject to Council planning approval.
