FIRST AUSTRALIAN CO-LIVING PROPERTIES SET TO OPEN IN SYDNEY
Hotel group Veriu co-founders Alex Thorpe and Rhys Williams are opening the doors of their co-living property UKO on September 21, with the first location at 30-34 Parramatta Road, Stanmore, in Sydney’s inner west, having 33 studios.
Separately, property investment company Caper Property, led by Chrystan Paul, is also expecting to unveil its co-living project in an inner Sydney location around the same time.
Co-living is a sub-market of the build-to-rent sector where renters – mostly millennials – live under one roof. The real estate is owned by one landlord or a joint venture, meaning units are not built to be sold off individually, but rather leased out over the long term.
The property is typically an apartment complex with communal areas and also comes with services such as cleaning and laundry, as well as a host who organises group activities to foster a sense of community, all of which is included in the rent.
While it is a new concept in Australia, it has taken off in the US, Britain and Asia, with brands including WeWork’sWeLive, Common, The Collective and Vanke’s Port Apartment being the big players in the industry.
At UKO Stanmore, prices start from $525 a week, depending on the room type and the extra features it comes with, such as a balcony or courtyard. The minimum rental period is one week.
Room sizes range from 24 to 30 square metres and all studios include an ensuite, kitchenette, dishwasher and Wi-Fi. Despite the smaller sizes, the rooms can be reconfigured using the slide-away furniture to save space.
Mr Thorpe and Mr Williams aim to create a network of co-living properties through UKO across “core” Sydney areas, with properties in Paddington and Newtown set to open from 2019.