Parramatta developer Revelop will reposition three properties for Hmlet to operate as co-living assets, and develop a 9-storey purpose-built tower in Harris Park to serve as the company’s flagship for the western suburbs. The three existing assets—in Mays Hill in Sydney’s west, Petersham in Sydney’s inner west and Balgowlah in the city’s northern beaches—will add close to 100 beds to Hmlet’s Australian pipeline. The 41-bed Harris Park project will be the first co-living property designed to spec in Australia for Hmlet and provide it with a strategic foothold in the Parramatta business district. Hmlet Australia managing director Chrystan Paul told The Urban Developer that Hmlet is not in the business of acquiring or owning real estate. “We partner with investors and developers to acquire or to activate assets they already have,” Paul said. “The Revelop deal is significant because it’s the first time we’ve done a multi-deal with a developer and we are hoping to do more with other developers going forward.”
Hmlet launched into the country in early 2019, raising $55 million in capital to accelerate its east coast expansion and announcing “immediate” plans to launch in Sydney, Melbourne and Brisbane.Paul said that Hmlet was in the process of partnering with a capital partner to acquire assets in Melbourne, with an announcement set for later in the year. Investors in the Singaporean-headquartered Hmlet include Germany’s Burda Principal Investments, Indian venture capital giant Sequoia and Westpac-backed fund Reinventure.