First opportunity to invest in large scale, purpose-built co-living projects in Australia. Co-living is a sub-class of the build-to-rent sector, with private ensuite accommodation and shared community spaces. Demand is fuelled by urbanisation, lack of housing affordability, and population growth. Investors receive a rental premium of 30%+ over conventional build-to-rent assets via higher density construction, operational efficiencies and the removal of third-party property managers. Residents enjoy lower costs of living, flexible lease arrangements that suit their lifestyles and all-in rents that include furniture, utilities and Wi-Fi.
About the manager
micro.space is a Sydney-based asset manager and operator, introducing purpose-designed and purpose-built co-living communities to Australia. micro-space manages every aspect of origination, financing, construction, marketing and operation of these communities. The company was founded in 2016 by long-term colleagues and business partners, Michael Ossege and John Zappia, who met while working at Campus Living Villages (CLV). CLV is one of the largest providers of on-campus student accommodation in the world with assets of more than AU$1.3 billion and 35k beds in 40+ projects globally.
Michael and John have assembled a team with expertise and experience in financing, constructing and managing large-scale, specialised residential real estate projects. micro.space co-living communities combine space, community, services, and technology into one integrated product that delivers the best experience for residents.
About the strategy
The fund will develop and operate a network of large scale co-living communities with approximately 1,200 studio units in up to 4 projects in city-fringe locations5. The strategy has been heavily influenced by environmental and social factors. Its objective is to be net self-sufficient in terms of electricity generation and consumption (via solar PV) and deliver a 20% lower carbon intensity and 10% lower water intensity per resident vs new conventional residential developments. In addition, micro.space targets cost-of-living savings of $5,000 per resident per annum.