Co-living operator Hmlet has joined forces with Sydney-based property group Revelop to build four more co-living properties in Sydney with two in Sydney’s west to service the city’s second CBD, Parramatta.
The four properties will offer 110 new co-living units in Mays Hill and Harris Park in Sydney’s west, Balgowlah in the Northern Beaches and Petersham in Sydney’s inner west.
Hmlet’s future co-living property in Harris Park in Sydney’s west. Supplied “When plotting Hmlet’s future growth in Australia, we recognised the strategic importance of establishing a presence in Parramatta to cater to a swelling urban population, which in turn is feeding the need
for community-oriented living,” Hmlet Australia managing director Chrystan Paul said. “With a quarter of a million people expected to move into area by 2041 … this new way of living isn’t just preferable, it is necessary.” The four new properties will join Hmlet’s existing co-living properties in Paddington, Newtown, Marrickville and Alexandria, all in Sydney where housing affordability remains challenged. One of the first few developers to commit to developing a multi-asset portfolio of co-living properties, Revelop known for both commercial investments and residential development in Sydney is seeking further diversification through co-living construction. The Hmlet-Revelop partnership follows the close of Hmlet’s Series B investment round of $55 million, which saw Burda Principal Investments, Sequoia India, Mitsubishi Estate Co and Westpac-backed venture capital firm Reinventure Group participating to expand the operator’s presence across Singapore, Hong Kong and Sydney, Tokyo, Melbourne and Brisbane.
• NSW residential property
• Property development
Su-Lin Tan reports on housing, commercial real estate and property finance. She also covers China and Asian business, trade and politics. Connect with Su-Lin on Twitter. Email Su-Lin at stan@afr.com.au