The Marsden Central project will see some apartments built specifically for renters.
Renters wanting to call a booming Sydney region home are about to be offered a rare opportunity.
In a first for the greater west, 1500 new apartments will soon be rolled out via a build-to-rent model, designed to offer home seekers affordable leasing options — and this includes the chance to buy down the track.
MORE: HISTORIC COTTAGE A LABOUR OF LOVE
CHARMING SHOPPING CENTRE TO SELL FOR FIRST TIME
Developer Kanebridge Property Group is set to deliver these purpose-built units in upcoming stages of Marsden Central in Marsden Park, near Blacktown, The Wexford in Schofields and The Hugh in North Kellyville.
Head of property and investments Michael Martin said prices would start from $500 a week and cover electricity, gas, water and internet costs.
“The idea behind this is that clients will not be renting just a box; they will be provided with amenities and a lifestyle underpinned by new technology,” Mr Martin said.
Tenants will be able to move straight in to these purpose-built units.
“We will be offering longer term leases of one, three and five years and after a five-year period there will be an option to buy or, if affordability is still an issue, they can invest — so there is plenty of flexibility.”
Unlike the traditional build-to-sell model, this sees the developer own the apartments and work directly with tenants. It is widely used overseas and is a growing trend in Australia.
Kanebridge has focused its efforts on its suburbs in the west and northwest, which have been identified as key growth zones for the future by the Greater Sydney Commission.
Set to be rolled out over the next three years with the first available in mid-2019, these units will also give tenants access to internet speeds up to 10 times faster than the NBN.
Another affordable housing option is coming to the west and northwest hot spots.
They will also get an app allowing them to book dry cleaning and childcare services in the complex. The app will come with a health monitoring system to suit older residents.
Mr Martin said Millennials and over 55’s were the main target markets.
Demi Dalton, 27, is one of many renters looking to make the move further west and secure one of these leases.
Currently living in the inner west, Ms Dalton said she was drawn to the affordable price point and lifestyle features, all close to solid transport links.
SIGN UP FOR THE NSW REAL ESTATE NEWSLETTER
“I also really like the idea of having the right to buy or invest in years to come and I think having a paper trail to prove that I am able to purchase or invest is also very beneficial,” she said.
“Being able to have a choice of lease fits in perfectly with a budgeting timeline, so it gives you an idea of how long you need to purchase a place of your own — I love that.”