Knox Developments lodge $30m co-living apartment proposal in Rockdale

The Rockdale co-living complex is designed with renters in mind, with flexible contracts, all-inclusive rent fees and communal spaces where residents can enjoy events, dinners, movie nights and fitness classes.

A $30 million development aimed at wooing renters who want a shared space to meet new people, make friends, hang out at events and easily commute to the city is planned for Rockdale.

Knox Developments has lodged an application with Bayside Council for the site at 570 Princes Hwy, which would provide 78 new co-living apartments in the city fringe location, if approved.

The apartments are designed with renters in mind, with flexible contracts and all-inclusive rent fees.

The site was chosen because it is close to public transport and what makes the project different to other unit complexes will be its “communal spaces for like-minded souls to enjoy events, dinners, movie nights and fitness classes”.

Developer Daniel Moroko said the apartments were between 20 to 30sq m one-bedroom units which included a kitchenette and bathroom.

“It will be a co-living development aimed at young professionals,” he said.

“They will have the privacy of their own room but the development will be very community-focused.

A $30 million development application has been lodged with Bayside Council for the site at 570 Princes Highway, Rockdale (middle building) which will provide 78 new co-living apartments. Artist’s impression: Knox Developments, Supplied

“There will be an onsite manager who will also act as an event co-ordinator, organising movie, wine and cheese and yoga nights.

“The project is aimed at getting everyone together to hang out. It will have a hostel vibe where people can meet, connect with other and get along.

“It is a social connection model aimed at getting people together. We wanted to get young professional to have a good time in a safe, clean and responsible way.”

Mr Moroko said the units would come fully furnished and the weekly rent would include utility bills and Wi-Fi.

The complex will also be pet-friendly and cleaned.

“People can move straight in,” he said. “Co-living developments have to be close to public transport to have easy access to the CBD.

“That is why we chose Rockdale. The site is less than 400m to the train station so people can get to universities or into the city for work.”

The development will also include 80 bicycle spots. Mr Moroko said the project was designed for people who wanted to cycle, walk or catch public transport rather than each person having a car and causing more congestion on roads, especially around Rockdale.

The development site is currently Rockdale Shopping Paradise. Picture: Google Maps

Mr Moroko said the concept of co-living became more popular in recent years after councils made investing in boarding houses more desirable for developers.

The developer has partnered with UKO, which is Australia’s leading co-living operator and build-to-rent property management business.

UKO has built co-living projects in Ultimo, Ashfield and Kensington.

The developer noted UKO has a good reputation in the industry, with successful projects already completed and running with a 98 per cent vacancy rate.

Mr Moroko said UKO was the first company to make the boarding house projects have a more luxurious feel with big communal spaces, shared gardens and places to hang out on beanbags to have a beer or a coffee.

He said co-living apartments were more affordable but not “cheap” because they included utilities, Wi-Fi, cleaning, furniture and events.

The idea behind making the apartments fully furnished was to avoid young people having to outlay a lot of money when first moving out, and to stop the double up of items if housemates came together, Mr Moroko said.

He added the apartments would be perfect for those young people moving interstate for work who didn’t want to buy all their furniture, and it would also allow them to meet new people.

“The weekly rent is not too much cheaper than a normal one-bedroom unit but the saving is in the set-up costs,” he said.

“Renters will save up to $830 each month over a rental apartment. The rent sits around $1600 per month.”

Mr Moroko said the development was designed to be greener and sustainable, prompting fewer individual cars and encouraged people to use public transport or walk.

“Rockdale is a main thoroughfare and we won’t be adding another 50 cars to the road because the renters can get the train into the city,” he said.

Mr Moroko said Knox Developments usually focused on luxury, high-end residential projects with water views but to make the business sustainable they were investing in the co-living rental development to keep a constant revenue stream.

He said he did not foresee any major setbacks or issues with the development and anticipated it would be approved by Bayside Council.