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A local property development group is set to take on Melbourne’s build-to-rent sector after observing what it has described as a lack of new rental property coming to the market in well-located areas.
Samuel Property purchased a 450-square metre site located at 451 Burke Road. The AXEL Glen Iris is set to comprise nine, 1-, 2- and 3-bedroom apartments available for short- or long-term lease. Building completion is expected for December 2019.
Managing director Illan Samuel said the move comes after realising increased appetite for rental property in the Victorian capital.
“Vacancy rates for rentals in Melbourne is at 2.1 per cent. Of 100 rental properties, 98 are rented, so demand is at an all-time high,” Mr Samuel said.
“The build-to-rent sector in Melbourne is behind the rest of the world. After travelling internationally for work and leisure and experiencing the ease of securing high-end short-term rentals we saw an opportunity to fill a gap in Melbourne’s market for tenants wanting new high-quality rental builds in premium locations, whether that be for long- or short-term stays.”
Mr Samuel noted AXEL will provide more rental options in premium locations, and offer the flexibility to secure a lease for one night, six days, three months or even 24 months which, he noted, is a rarity in Melbourne’s rental market.
“Our customer-centric approach will mean that nothing is off the table,” Illan said.