Revelop bolsters co-living arm with Lower North Shore apartments
EXCLUSIVE
Revelop has picked up a block of 30 older style flats on Sydney’s Lower North Shore for its co-living arm, WeHome.
Covering 2088 square metres, 40 Spofforth Street, Cremorne, is setting the group back a speculated $19 million.
Zoned R3, the property was marketed for its potential to make way for a much denser complex.
Instead, Revelop is expected to renovate.
Khoury & Partners’ Jon Race and Anthony Khoury were the agents.
Cremorne is an exclusive suburb six kilometres north of town; its median house price is over $3.5m according to REA Group.
Elsewhere in the pocket, 13 months ago, ASX-listed WOTSO outlaid $9.2m for an ex-2nds World outlet on Military Road, with plans to convert it to a co-work office.
WeHome portfolio grows
Parramatta-based Revelop acquired its first co-living assets with Hmlet in the two years prior to the pandemic; elsewhere in Sydney, these are at, amongst other suburbs, Harris Park, May Hills and Petersham in the west, and Balgowlah – about six kilometres north of Cremorne.
It established the WeHome brand in mid-2021 after taking over the head lease of other properties formerly managed by Hmlet, which had just gone into liquidation.
The Cremorne complex contains 24 one-bedroom units with the balance having two; some of the dwellings have water views (story continues below).
It also includes a large open-air car park offering development upside.
There is undercover parking too.
“With the convenience of eclectic boutiques, cafes and restaurants across the road, the positioning is prime,” Revelop co-managing director, Anthony El-Hazouri, said.
Co-living tackles low supply, high demand
Under the co-living or boarding house model, unrelated residents share a property, be it self-contained accommodation – as WeHome prefers – or in dwellings with shared living spaces.
It is seen as a solution to tackle high rental costs, particularly in the inner city where vacancy is low.
The option for residents to occupy the dwellings short-term is also a feature.
“While our focus is retail and commercial property, adding to our WeHome fleet of residential accommodation is always exciting, but especially in times such as now where supply of affordable rental accommodation is at an all time low,” Mr El-Hazouri, said.
Another group to grow its local co-living portfolio since the pandemic is Aspen, with assets in Newcastle and in Queensland, at Brisbane and Burleigh Heads, on the the Gold Coast.
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