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South Coast Property Specialists (Carlene Franzen) Tips #1085: Build To Rent

Last week we discussed the concept of “rent-to-own” which is an option for first home buyers. This week we are focussing on another relatively new concept in Australia – “Build to Rent”. The build to rent concept has been extremely successful overseas and is just starting to gain momentum in Australia. The concept is simple. You build a building specifically for the sole purpose of long-term rental tenants. So, how is this different to a developer building a large block of apartments, we hear you ask? Most apartment blocks that we typically see are built for the purpose of individual unit ownership and resale generally using a strata model. Each unit has its own title, and the owner of that unit can sell it or rent it whenever they like. The complex is generally managed by a strata manager who ensure levies are paid and the complex is maintained and managed in an appropriate manner. Under the build to rent model, the building is constructed specifically with rental tenants in mind. It is usually owned by large institutional investors and the units are not under a strata model so individual units are not available for sale. The building is also managed by an onsite management team. Mirvac is one construction company leading the charge in Australia and they have some interesting design criteria that you don’t usually see in the strata model. For example, they decouple parking spaces from the unit as why would you pay for something that you may not need? The buildings must be within 800m on non road-based transportation to encourage alternative commuting methods. They have provision for taxi and Uber dropoffs and they provide communal bikes, storage facilities and internet access. An interesting video of their concept can be found here: https://www.architecture.com.au/archives/35543 Why is this model proving to be popular? The simple answer to this is demand and the flexibility the model provides. Downsizers don’t want to sell their homes to free up equity to then be subject to the vagaries of the rental market where the owner of the property may choose to sell, and they need to relocate. In the build to rent model, they can sign up for long term leases in buildings that have been specifically designed to meet their needs. It is important to note that this model is not to create a mass of sub-standard apartment blocks that will become eye sores in years to come. Depending on Government assistance/incentives, they could help provide a greater number of affordable housing solutions though the model isn’t driven by this objective.

Feb 25th - Pauly G at the Batemans Bay Soldiers Club Feb 26th - Aaron – Solo West from 7:30pm at Club Catalina Feb 26th - Drew Tone Duo at Tomakin Social Club Feb 26th - Rick Bamford at Club Tuross Feb 26th - Pauly G at the Batemans Bay Soldiers Club Feb 27th - the Soul Coast Trio at the Mossy Cafe 11am Feb 27th - Eurobodalla Country Music & Social Club at Nelligen Hall 11am Mar 3rd -The Catholics –Paid event cket pricing TBC at the Moruya Golf Club

Mar 5th - Sirenics from 7:30pm at Club Catalina Mar 5th - Intensity – Tuross Club (7.30pm) Mar 6th - Joe Quennell – Club Narooma (3pm) Mar 12th - BassFront - The Return of WaterFront Saturdays. Mar 18th - the Cody Munro Moore Homecoming Tour at Narooma Kinema

March 25th & 26th - Moruya Blues & Roots Fes val! 12 bands. 1 stage. All from $59 Apr 5th - Simon Kinny-Lewis at Moruya Golf Club Apr 9th - Simon Kinny-Lewis at The Bend and Sip Bar in Narooma

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The Eurobodalla Country Music & Social Club will be holding it’s free monthly concert in the air condi oned comfort of the Mechanics Ins tute Hall Nelligen on – Sunday 26 TH FEBRUARY 2022. Commencing at 11.00am. Entertainers include, Alan Neal, Steve O’Meley, Wayne Gumm, Brian Coulton, & many more. Visi ng entertainers are welcome and should contact:- Brian 0497278433 or Marie on 0418977003