December 2 2024 17:30
Thrive Student Living has started its largest student accommodation development since it was founded with the division of Growthpoint Properties starting work on an R800m KwaZulu-Natal (KZN) development, which will include 2 400 beds. The development lies adjacent to the main gate of the Howard College Campus of University of KZN in Berea, eThekwini.
Undertaken by Growthpoint Properties’ specialist development division, the project will add the 2 400 student beds in the region, which research shows has the biggest shortage of student beds in South Africa.
“Proprietary research commissioned by our team revealed that KZN remains undersupplied with student beds,” said Kobus Blom, Growthpoint’s KwaZulu-Natal Regional Development Manager.
“The province has significant demand, and most students live in environments that are not conducive to student outcomes,” he said.
Growthpoint begun the two-year development programme for the new building which is set to welcome its first students in January 2027 under the Thrive Student Living banner.
The new development was celebrated with a sod-turning ceremony, attended by the Honourable Mayor of eThekwini, Cllr Cyril Xaba, and the Chief Financial Officer of eThekwini, Dr Sandile Mnguni, as well as representatives of Thrive Student Living and the Growthpoint development team and its partners. This massive investment puts into action Growthpoint’s commitment made at the recent KwaZulu-Natal Investment Conference for R800m of investment in the province over two years, which it is executing through this development for Thrive Student Living.
Amogelang Mocumi, Fund Manager of Growthpoint Student Accommodation Holdings, which operates under the Thrive Student Living brand, said student accommodation was a strong investment opportunity.
“By prioritising student accommodation that supports better education outcomes, we are not only enriching lives but supporting employment and fuelling a more competitive economy. This investment highlights the transformative power of strong partnerships and underscores what is possible through collaborative efforts. To grow these achievements, we need a unified approach across all levels of government, together with private sector investment to support economic growth. Together, we can build a brighter future for young people and our nation,” Mocumi said.
Growthpoint said it developed purpose-built student accommodation located and designed around students to help them succeed and make the most of their university experience.
The company said that in line with Thrive Student Living’s ethos of fashioning vibrant campus communities, each unique in its architecture and design to reflect and foster its specific community, it has shaped a beautiful contemporary design for the new 12-storey building incorporating the red face-brick that is an architectural signature in the Berea area.
The design also includes all the added amenities that Thrive Student Living accommodation offers, like study areas and games rooms, gyms and IT rooms, and backup power and water. Uniquely, it has also been designed to include a small element of ground-floor retail tailored towards daily convenience, which will serve building residents, other students, and the immediate community, as there is nothing else in the area fulfilling this need.
The development will also benefit from Growthpoint’s recognised green building leadership, creating healthy, sustainable environments and operating with a social consciousnesses. Growthpoint’s developments boost job and economic opportunities, in addition to having long-term positive socioeconomic impacts of education support.
While this is its first purpose-built student accommodation project in KZN, Growthpoint has a track record of building purpose-built student accommodation developments in the university cities of Johannesburg, Pretoria and Cape Town.
It was recently named the winner of the Sapoa Property Development Award for Innovative Excellence in Student Accommodation for its development of Thrive @ Horizon Heights, also for Thrive Student Living, at the bustling heart of Johannesburg’s student community. Thrive @ Horizon Heights opened for the 2024 academic year and was well let, proving popular with those from the nearby University of Johannesburg as well as the University of the Witwatersrand.
The Growthpoint development team is currently completing two new properties for Thrive Student Living for the 2025 academic year: Thrive @ Crescent Studios, a R300m 900-bed property located in Braamfontein, and Thrive @ Arteria Parktown, a R200m 500-bed located in Parktown, both ideally positioned for Wits University students.
Piling commenced at the eThekwini site in the first week of October 2024 in preparation for the main building contractor, which moved onto site on Monday 18 November 2024, to begin construction.
alistair@propertyflash.co.za
