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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.
“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.
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