The University of Sydney has abandoned a proposed plan to sell Darlington Terraces, after years of speculation.The University is instead embarking on a refurbishment of the property to reopen the building to students.
A project team has been established to advise on the development and Honi Soit understands the work is planned to be completed by 2026. Public updates have yet to be made on the nature of the redevelopment and its cost.
A University spokesperson confirmed to Honi that they are “pleased to be advancing with a refurbishment of the Darlington Terraces, recognising their vital role in accommodating students.”
“The refurbishment project budget will be determined once an investigation assessing the current state of the terraces is complete.”
An earlier estimate for a full redevelopment placed the cost at $84 million while a less ambitious renovation was costed at $19.4 million.
A plan was considered by the University last year to sell the property for an estimated $78 million with the profits being reinvested in the long-term investment fund. The dividends from that investment were projected to be $3.4 million a year.
Universities are all scrambling to increase the amount of purpose-built student accommodation after the government announced the size of the incoming international student caps would be partially tied to how much housing universities provided.
Many universities like UNSW have faced roadblocks fighting local planning laws, zoning restrictions, and local objections to redevelopment. Student accommodation is not currently classified as ‘affordable accommodation’, which means projects are unable to be fast tracked.
USyd has restricted its options after years of selling off property to take advantage of high prices.
Over $70 million worth of property including the Forest Lodge was sold off in 2022 and this year the University sold the historic Mackie Building for $16.5 million.
One property still in limbo is International House which has been sitting for years without any development application going forward. The website says the University “has reaffirmed its intent to redevelop the site,” but the spokesperson did not provide any update to Honi if a decision has been made.
The spokesperson said that the University planned “to offer an extra 2000-3000 beds over the next five years.”
