DEAKIN University has bought the iconic Geelong landmark, the T&G Building, to utilise for student accommodation.
The sale, understood to have fetched $2.9 million, was announced today by Deakin vice chancellor Prof Jane den Hollander with Premier Denis Napthine in tandem with a new City Hall campaign to attract new inner-city residents to Geelong.
Deakin University announced today it plans to establish 33 student residences in the T & G building with construction slated to commence in January 2015 ready for occupation at the end of 2015.
The project, costed at $8.1 million, is being jointly funded by Deakin University and the state and federal governments.
Prof den Hollander said Deakin was creating “the jobs of the future” and educating the next generation of skilled workers to enable Geelong to become a “flourishing and vibrant university town”.
“Student numbers in Geelong have already grown to around 10,000, an increase of around 35 per cent since 2010,” she said.
“Over the next five years, student numbers at our Waterfront campus are expected to more than double and as they do, we need to ensure they have accommodation that is safe and comfortable.
“We know that the single most important factor impacting on student retention in Australia is the ability of students to connect ─ with each other and with their university.
“Deakin is committed to ensuring our students have the best possible experience at University, and building modern accommodation is an important part of that.
“We’ve seen the effect in Waurn Ponds and Warrnambool, where we’ve been able to expand accommodation for students from low socio economic background thanks to Federal NRAS Funding and a Regional Infrastructure Development Fund grant from the State Government.
“Here in Geelong, if we are to support our medical students to remain in rural and regional areas throughout their course, we know they will need access to appropriate accommodation when they undertake clinical placements.
“This is the first time Deakin has built accommodation in the heart of Geelong, and I hope to see the city centre flourish even further as students make their way through the CBD from the T&G Building to their classes at the Waterfront Campus.
Dr Napthine described the project as “huge win” for Geelong.
“It will not only significantly enhance the CBD, it will also build on Geelong’s reputation as an innovative university city and create 70 jobs
during the construction phase,” he said.
“Located in the heart of Geelong and just 600 meters from the university, this is the first dedicated student accommodation for the growing Waterfront campus.
“There are currently about 2100 students at the Waterfront Campus, which is expected to grow to more than 5000 over the next five years.
“Once complete, the student housing project will deliver 33 studio apartments, with a kitchenette, ensuite bathroom and study area.
“Students will also have access to a common kitchen, central laundry facilities, a lounge and an outdoor area,” Dr Napthine said.
Dr Napthine said the Commonwealth would contribute a further $3.1 million in rental subsidies over the next 10 years to help ensure the apartments
were affordable for students.
Cr Lyons said the T & G project showed the potential we have in central Geelong to re-purpose our heritage building stock and create exciting and functional spaces.
“Deakin is showing other tenants and landlords what is possible when you take a fresh look at underutilised areas of central Geelong.
“Inner city living is the key that will unlock central Geelong’s future growth potential.
“Our immediate target is 10,000 residents in central Geelong,” said Cr Lyons.
Cr Lyons said City Hall was campaigning to attract 10,000 inner-city residents to Geelong as part of its CBD revitalisation campaign.
“More inner city living will be fantastic for the Geelong CBD,” he said.
