Leading co-living company, Hmlet, has announced a partnership with Sydney-based developer Revelop to open four new co-living properties across Sydney, marking the first portfolio deal for Hmlet in Australia and the first major expansion into the co-living sector by an Australian developer.
The Hmlet-Revelop partnership will add a further 110-beds to Hmlet’s Australian portfolio and dramatically expand its footprint across Sydney. Mays Hill and Harris Park in Sydney’s West, Balgowlah in the Northern Beaches and Petersham in the Inner West, will join Hmlet’s existing co-living properties in Paddington, Newtown, Marrickville and Alexandria.
Notably, Hmlet’s two new Western Suburbs properties will provide Hmlet with a strategic foothold in the Parramatta business district, which serves as Sydney’s second CBD and one of the fastest growing commercial hubs in Australia.
“When plotting Hmlet’s future growth in Australia, we recognised the strategic importance of establishing a presence in Parramatta to cater to a swelling urban population, which in turn is feeding the need for community-oriented living” says Chrystan Paul, Hmlet Australia – Managing Director. “With a quarter of a million people expected to move into area by 2041, at a population growth of 107%, this new way of living isn’t just preferable, it is necessary."
Opened in early August 2019, Hmlet Mays Hill offers 31 rooms over four levels and a communal rooftop. It is located just a 5-minute bus ride from the Parramatta CBD and a short walk to Parramatta Park, making it the ideal suburban spot for working professionals.
Scheduled for completion in late 2020, Hmlet will open a purpose-built co-living project in Harris Park, which will serve as the company’s flagship for the Western Suburbs. With 41 ensuite studios, a communal kitchen and rooftop terrace, as well as two F&B outlets on the ground floor, Hmlet Harris Park will set the standard for purpose-built co-living developments in Australia.
Co-living is emerging as a welcome solution for both renters and investors alike, who are seeking a solution to the problems associated with increased urbanization in Australia’s major cities. Since expanding to Australia in early 2019, Hmlet has quickly established itself as the co-living leader in Australia, having opened five properties in Sydney in the first six months of the year and immediate plans to expand to Melbourne and Brisbane shortly.
Hmlet’s partnership with Revelop represents a major milestone for the co-living sector in Australia, with Revelop being the first local developer to commit to developing a multi-asset portfolio of co-living assets for Hmlet.
“Hmlet’s decision to partner with Revelop speaks to the forward-looking vision of Revelop’s Founders Anthony and Charbel. It is clear that Revelop is a developer with a long-term view and understands that co-living will change the way we live in Australian cities” said Chrystan Paul, Hmlet Australia - Managing Director.
“Revelop’s partnership with Hmlet is a great example of how co-living in Australia is gaining recognition amongst the wider property community as an attractive asset class. We are excited to have partnered with Hmlet to expand into the co-living sector and we look forward to working with Hmlet as they grow across Australia” said Anthony El-Hazouri, Revelop Co-Founder and Director.
The Hmlet-Revelop partnership follows the close of Hmlet’s Series B investment round of AUD$55 million, with participation from Burda Principal Investments, Sequoia India, Mitsubishi Estate Co and Westpac-backed venture capital firm Reinventure Group. The new capital will be invested to strengthen Hmlet’s presence in Singapore, Hong Kong and Sydney, as well as expand into new markets including Tokyo, Melbourne and Brisbane.
The Revelop-Hmlet partnership was brokered by JLL’s Director, Sales & Investments – NSW Dylan McEvoy and Associate, Alternative Investments – Australia Thomas Madigan.
Join us November 12-15 for the Property Portal Watch Conference Madrid 2019.