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Developer takes on Melbourne rental market

13 October 2019 Lyall Russell
AXEL apartment complex

With available rentals in Melbourne hard to come across, a property development group has decided to take on the build-to-rent sector.

Illan Samuel of Samuel Property noticed the high demand for rentals in Victoria’s capital city, with vacancy rates around 2 per cent. So he decided to invest in apartments available for short and long-term leases.

“The build-to-rent sector in Melbourne is behind the rest of the world,” Mr Samuel said. “After travelling internationally... and experiencing the ease of securing high-end, short-term rentals, we saw an opportunity to fill a gap.”

The AXEL apartment complex will be constructed on a 450 square metre site on Burke Road, Glen Iris. It will feature several one, two and three-bedroom units, with the flexibility of having a lease from one night through to two years.

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“Our customer-centric approach will mean that nothing is off the table,” Mr Samuel said.

The apartments will boast top-of-the-line fixtures, including WI-FI-enabled doors, NBN internet, a secure car park and fully furnished options.

With views of the city skyline, the apartments will be completed by the end of the year.

Developer takes on Melbourne rental market
AXEL apartment complex reb
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