Developer Samma Property Group has partnered with investment firm, Brightlight, to introduce a new ‘Designed to Rent’ (DTR) model, said to be the first of its kind in Australia.
The partnership will see the creation of 1412 apartments across the four developments from 2022 to 2025 for over 2800 residents.
Longer-term, Samma and Brightlight are building a pipeline comprising eleven DTR developments (inclusive of the four shovel-ready projects), boasting 3,144 apartments for over 6,200 residents and is expected to be valued at more than $1.7 billion by FY28.
Design to Rent is an evolution from the Build to Rent trend sweeping the property sector, because it incorporates integral design features in each building to promote community connection and high-quality built outcomes, including the highest-level environmental standards, to facilitate shared residential pride in the developments.
This new model created by Samma and Brightlight will create engaging communities that are inclusive and address the shortcomings of inner-city, high-rise developments such as isolation or lack of social connection between tenants or landlord/agent issues.
The new model also comes as the Victorian government, along with local businesses and developers look to entice Victorians back to the city post-Covid, with the economic recovery plan focused on rebuilding the city’s vibrancy and cultivating connected communities.
Samma Property Group - Director, Simon Abdelmalak said the company identified a noticeable gap in the build-to-rent space to create something different and is proud to have formed a partnership with Brightlight to bring Designed to Rent to life.
“We are also changing the way people can interact while they rent before they buy. While we have seen rapid growth in the build-to-rent space, we are yet to see developments that encourage measurable connection, especially as rates of loneliness continue to rise,” he says.
Aimed at millennials aged 25-45 years, the DTR residences will offer a luxurious yet affordable inner-city lifestyle with impressive environmental credentials; the builds will boast a 7-star NatHERS rating and 5-star green star certification.
The impact-driven design is said to go beyond the amenities, with an on-site management team available to serve and support residents and an ongoing activity program aimed to foster connection and improve mental health and wellbeing.
Samma and Brightlight will measure impact and wellbeing ongoing, by assessing community connections, certifications against environmental standards and the health and wellbeing of tenants. Beneficiary outcomes will be measured by independently surveying residents to arrive at the wellbeing improvements the project is aiming to achieve.
Brightlight Head of Investment Management and Co-Portfolio Manager Simba Marekera says, “Build-to-Rent is a maturing asset class within Australia, that is addressing a gap between conventional residential renters and home ownership, which is leading the demographic changes of home ownership in Australia”.
“The way we live in capital cities has changed dramatically in the last ten years with a shift towards different housing formats that fit the evolving needs of city dwellers,” he says.
Images: Supplied
