Pro-invest enters Australian co-living sector
Pro-invest Group will enter the co-living sector with a structure also including hospitality, arguably targeting wealthier occupants.
The Flexible Living model, as it has been branded, aims to have 2000 apartments in 10 projects in the short term.
Up to 6000 dwellings are anticipated longer term, the fund manager and investor, chaired by Ronald Barrott, said.
Pro-Invest has had global hospitality interest over three decades.
In Australia, it manages a portfolio of 32 properties worth a total c$3 billion.
A year ago this week, it acquired the freehold going concern of the Holiday Inn, on the south east corner of Flinders Street and Flinders Lane, Melbourne (pictured, top), with plans to rebrand it Hotel Indigo after a refurbishment.
Conversion of hotel assets
The seed apartments will predominantly be converted hotel rooms – up to 200 of them, according to the manager.
New builds and the repurposing of commercial stock are on the radar too.
“With decades of expertise in upgrading, repurposing and redeveloping hotel and office buildings around the world, the company is well equipped to maximise conversion opportunities…this includes identifying underperforming hotel assets that can be quickly and efficiently reimagined and repositioned by Pro-invest’s in-house development team” it said in a statement.
Pro-invest’s hotel management business meanwhile, can maximise yield as planning and preliminary works are underway, it added (story continues below).
Co-living with room service
Flexible Living will set up in CBD and suburban locations.
Self contained studios and one bedroom apartments with shared spaces will be a key product.
Short and long term lease options will be available.
Occupants may have access to concierge, housekeeping, maintenance, pet services, fitness centres, communal and working spaces, bars, restaurants and entertainment facilities.
“Our…model redefines what ‘home’ means in the modern era,” Mr Barrott, said.
“We recognise that the growing number of renters today desire convenience, quality and the hotel-like amenities and services that have long been associated with hospitality,” he added.
“Pro-invest Group’s expertise in managing hotels and offices uniquely positions us to meet these evolving expectations, creating not just residences but the next generation of living experiences,” according to the executive.
“All designed to maximise the compelling investment opportunity at play in Australia given the market size and dynamics”.
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