Student accommodation at the University of Wollongong is the latest casualty of the COVID-19 pandemic.
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UOW will sell three of its student accommodation properties this month in an effort to fight the financial challenges posed by the pandemic.
UOW's International House, Weerona College and Marketview residences will be offered for sale from mid-August with the transaction expected to be completed by early 2022.
The decision to sell the properties was made by the UOW Council after assessing the university's strategic priorities.
Proceeds from the sales will be used to support UOW's financial sustainability, enabling the university to maintain the capacity of its core teaching and research programs and to help strengthen support for students through enhanced services and technologies.
International House and Weerona College have not operated as student residences since late last year when COVID-19 travel restrictions prevented the return of international students, forcing their closure.
Consequently, there are no current residents in these buildings to be directly impacted by their sale.
Marketview, which has continued to operate with a lower occupancy rate during 2021 compared to previous years, will close only after current residents' tenancy contracts expire in January 2022.
There will be no job losses in UOW's Accommodation Services as a result of the sale, with affected staff being redeployed to other residences.
UOW vice-chancellor Patricia Davidson said the COVID-19 pandemic had drastically changed both the university's student profile and ways of delivering educational content.
"Divestment of existing properties that are unoccupied will allow us to divert financial resources to strengthen support for students through enhanced services and technologies," Professor Davidson said.
UOW chief operating officer, Damien Israel, said the sales were a financial decision in response to COVID-19 that will benefit students, the university and the community, without directly impacting on any students' current accommodation arrangements.
Mr Israel said there was "plenty of capacity for [UOW's] forseeable accommodation needs" in the student residences on campus buildings at the Wollongong and Innovation campuses.
"Since the pandemic began, the university has acted decisively by reassessing our priorities, reducing operational costs, increasing our digital operations and tightening our expenditure controls. These measures, together with the efforts and sacrifices of staff, have enabled UOW to make positive progress towards recovering from the challenges of COVID-19," he said.
"We value the long history of Weerona College and International House as part of the UOW community but the dramatic changes in the higher education landscape have been reflected in our occupancy rates, which has prompted this decision.
"We value the long history of Weerona College and International House as part of the UOW community but the dramatic changes in the higher education landscape have been reflected in our occupancy rates, which has prompted this decision.
"As well as supporting the University's overall financial position, these sales will also enable continued investment in our teaching, learning and research capacity, one of our key objectives since the pandemic began.
"With sufficient capacity available in our on campuses residences to meet foreseeable demand, it makes sense to release these prime real estate assets onto the local market so new owners can put them to good use when there is a growing demand for well-located housing, hotel accommodation and community facilities."
UOW has engaged Knight Frank to market the properties for sale via an international expressions of interest campaign.
Knight Frank can be contacted on 02 4227 2111 or at www.knightfrank.com.au