- This offering markets itself to young professionals, students, creatives, life learners and entrepreneurs
- The purpose built facility is an Australian first
- The Switch was developed in partnership with Nuveen Real Estate
Australia’s first residential development purpose-built to cater for young people will open its doors in Perth next week, with facilities in other cities to follow.
Called ‘The Switch’, this development markets itself to young professionals, students, creatives, life learners and entrepreneurs, offering co-living accommodation.
The Switch was developed in partnership with Nuveen Real Estate, an international property investment manager.
Co-founder for The Switch, David Cameron, said the partnership with Nuveen was chosen due to their depth of experience and shared values.
“Lifestyle-led rental accommodation is already proving to be hugely popular for younger generations in Asia, United States and Europe, and it’s a trend that is set to take off in Australia,” he said.
Founding Partner, Craig Oliver, believes this development is for future thinkers.
“The Switch will be a market leading housing offering with a differentiated approach to what is currently in the shared living market, offering a vibrant community lifestyle and an abundance of opportunities and experiences that help young people connect and build the best version of themselves,”
“It’s radically-inclusive, aspirational and sophisticated living for future thinkers who want a positive change in their lives, and a switch to contemporary, wholistic and uncommon living.”
Craig Oliver, The Switch Founding Partner
The Switch’s Perth Central facility will house 483 beds, but once all four sites across Australia are open there will be 1721 beds available.
Adelaide’s installation is due to open in May 2022 followed by properties in Sydney and Melbourne which are set to open later in 2022 and in early 2023 respectively.
Ben Taylor, Director of Housing for Nuveen Real Estate Asia Pacific points out that the opening of these four assets over the next 12 months coincides with the return of
international students to Australia which is well underway.
“Nuveen strongly supports the purpose-built housing sector in various regions throughout the world and believes it has potential to grow in scale in Australia, driven by favourable demographics and accommodative investment fundamentals,” Mr Taylor said.
“I’m incredibly proud and excited to be part of providing a new, differentiated, and high-quality housing offering for both students studying in Australia and those young professionals recently starting their careers.”
With one of the largest international student markets in the world, MR Taylor said Nuveen holds a strong conviction over the long-term prospects of the student accommodation market as well as other housing sectors in Australia.