The property at Kelvin Grove is adjacent to a Queensland University of Technology campus and was built in 2008.

Iglu will refurbish the facility and, when its CBD student accommodation is complete at the end of the year, will have nearly 1000 beds in Brisbane.

Other student accommodation providers have leapt into Brisbane, with Singapore giant Wee Hur developing more than 1600 rooms across two towers at its inner-city development.

British provider Scape Living is also planning a 700-bed project in Brisbane’s Southbank.

“We are delighted to acquire this high quality facility which is located on the doorstep of QUT’s Kelvin Grove campus,” Iglu director Richard Smith said.

“The property provides excellent accommodation and amenity to students and has demonstrated very strong performance since opening in 2008. While Iglu is continuing to look for suitable development opportunities, this was a chance to acquire a great asset off market at a price substantially below our estimate of replacement cost based on recent land sales in the Brisbane market,” Mr Smith said.

It’s understood the property sold for more than $50 million.

Iglu recently lodged plans for a substantial development in inner-Sydney Redfern, with an end value of nearly $40m. If approved, the company hopes to develop an 18-storey tower with 370 beds and a retail podium.