However, only one entity can own the property, with no current avenue to buy a share in the boarding house model.
It’s believed 40 Spofforth St will become part of Revelop’s co-living arm, WeHome.
“With the convenience of eclectic boutiques, cafes and restaurants across the road, the positioning is prime,” Revelop Managing Director Anthony El-Hazouri told the Real Estate Source publication.
“While our focus is retail and commercial property, adding to our WeHome fleet of residential accommodation is always exciting, but especially in times such as now where supply of affordable rental accommodation is at an all-time low.”
Co-living is said to develop a strong sense of connection via its shared spaces.
The communal living and working trend continues to grow on the lower north shore, with ASX listed WATSO paying $9.2 million in 2021 for the old 2nds World outlet at 237 Military Rd, across from McDonalds.
Explainer: What is Co-Living?
According to Planning NSW, co-living is a new type of housing gaining popularity across the world. It provides people with a principal place of residence for a minimum of three months and the rental cost usually includes wifi/utility bills.
- Small, private rooms with shared indoor and outdoor spaces, which encourage residents to come together to relax and socialise.
- Private and shared spaces that are fully-furnished and ready to occupy.
- A sense of community that is actively encouraged by a Manager, who is responsible for the building and its upkeep.
Who is it for?
Co-living aims to create a strong sense of community. It’s for tenants who share common interests and purposes. It’s a space for like-minded residents who can live, work and play together.
The co-housing lifestyle is often desirable for students and young professionals. It’s the ideal combination of community, cost and comfort.
It offers shared areas for socialisation and cooperation, as well as a private bedroom for when you want to unwind and relax on your own.