It’s selling off-campus student accommodation
The university announces International House and Weerona College are for sale. They were closed last year, when UoW explained, “occupancy rates are low and the sense of community that our students enjoy has been effected,” (CMM August 17 2020). Marketview Residences (144 capacity in the Wollongong CBD) will also go on the market, closing when existing tenancies conclude in January.
According to UoW, selling on a “buoyant property market” is “certain to benefit the local economy.” The cash won’t hurt the university either. The university’s annual report states a loss of $48m for 2020 and that it increased cash holdings by $161m, “primarily a result of additional borrowings completed in late 2020 to facilitate the termination of the student accommodation partnership project in early 2021.” (James Guthrie analysed the UoW annual report in CMM July 13).
So, where will UoW house new international students when they arrive? “There is sufficient capacity available in our on campuses residences to meet foreseeable demand,” the university advises.