Thrive Student Living, owned by Growthpoint, has launched its largest student accommodation development to date, with an R800m investment as the group targets market share gains.
The new purpose-built facility is located next to the main gate of the Howard College campus at the University of KwaZulu-Natal in Durban.
Growthpoint Properties’ specialist development division is spearheading the project, which will provide 2,400 new student beds in a region identified as having the greatest shortage of student accommodation in SA, according to research.
“Proprietary research commissioned by our team revealed that KwaZulu-Natal remains undersupplied with student beds,” said Growthpoint KwaZulu-Natal regional development manager Kobus Blom. “The province has significant demand and most students live in environments that are not conducive to student outcomes.”
In response to the growing demand for student accommodation, Growthpoint has launched a two-year development programme for a new building, set to open its doors to students in January 2027 under the Thrive Student Living brand.
The project was marked by a sod-turning ceremony attended by local officials and representatives from Thrive Student Living, Growthpoint’s development team, and its partners. This R800m investment is part of Growthpoint’s commitment to invest in KwaZulu-Natal over the next two years, as announced at the province’s recent investment conference.
Growthpoint student accommodation fund manager Amogelang Mocumi said: “By prioritising student accommodation that supports better education outcomes, we are not only enriching lives but supporting employment and fuelling a more competitive economy.”
He added that the investment demonstrated the transformative potential of strong partnerships and highlights what can be achieved through collaboration. To build on these successes, he emphasised the need for a unified approach across all levels of government, alongside private sector investment, to drive economic growth.
The new 12-storey building has been designed with a modern aesthetic that reflects the local environment. The design incorporates red face brick, a signature architectural feature of Durban’s Berea, to blend seamlessly with the surrounding community.
The design includes all the added amenities that Thrive Student Living accommodation offers, such as study areas and games rooms, gyms and IT rooms, and backup power and water.
While this is its first purpose-built student accommodation project in the province, Growthpoint has a proud track record of leading purpose-built student accommodation developments in the university cities of Johannesburg, Pretoria and Cape Town.
The group’s development team is completing two new properties for Thrive Student Living for the 2025 academic year: Thrive Crescent Studios, a R300m 900-bed property in Braamfontein and Thrive Arteria Parktown, a R200m 500-bed in Parktown, both ideally positioned for University of the Witwatersrand students.
Piling began at the Durban site in the first week of October, laying the groundwork for the main building contractor, who started construction on-site on Monday .
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