Financial Close has been reached on a contract Spotless has signed as Asset Services Subcontractor to provide full building maintenance and replacement activities for two student residences at the University of Melbourne.
The 40-year arrangement initially comprises a total of 954 beds across two facilities being refurbished and constructed at the University of Melbourne’s Parkville campus.
The two landmark residences, “303 Royal Parade” and “Little Hall”, will be the first residences developed and operated under the University of Melbourne brand and new accommodation offer, and will contribute significantly to the University’s strategy to deliver a vibrant campus-based living environment.
The partnership comprises the University who retains operational responsibility, including marketing and day-to-day pastoral care to students, and AMP Capital, through its AMP Capital Diversified Infrastructure Trust (ADIT) as the investor. Spotless’ role includes a direct interface with the University to ensure disruption to the student accommodation is minimised whilst ensuring the assets remain in the agreed condition throughout the Term.
“We are very pleased to partner with The University of Melbourne and AMP Capital on this exciting development in student accommodation,” said Peter Tompkins, Spotless’ Chief Executive Officer. “This complements our contract at the Australian National University bringing the total number of student beds under contract to Spotless to close to 6,000. Spotless is now the largest provider of asset management and maintenance services to the Purpose Built Student Accommodation market.”
A Contract Manager has been appointed to integrate this student accommodation contract together with the recently signed Melbourne Connect project; currently under construction.
With Financial Close reached, mobilisation activities will commence immediately with services to the Residences to commence early in 2019.