Cohabitation typically includes shared amenities such as laundry rooms, kitchens, and living areas. It has had mixed success in Australia – operator Hmlet fled Australia last year leaving a trail of debt – but others like Asia-based Dash Living have entered the market.
Mr Penklis said the appeal of co-living was that it would create “more vibrant residential neighborhoods”. “You need a diversity of housing,” he said.
His comments follow Mirvac boss Susan Lloyd-Hurwitz unveiling plans to expand into the ground lease housing market, which provides affordable housing for shrinking baby boomers.
Two land lease pilots are due to launch this year in Victorian communities planned by Mirvac, with more details expected in August when the group publishes its annual results.
An entry into cohabitation would build on Mirvac’s growing build-to-let activity, which includes the completed 315-unit LIV Indigo at Sydney Olympic Park, which is 93% let.
Four other build-to-let projects are under construction or in the planning stage, including the 490-unit LIV Munro at Queen Victoria Markets in Melbourne’s CBD, which is due for completion in November.
Construction of 474 LIV Aston, Northbank units near Melbourne’s Southern Cross station is set to begin in the second half.
The tallest tower
In Brisbane, construction of 396 LIV Anura units in Newstead Brisbane began this year and is expected to be completed in financial year 2024.
A fourth project, 490 Albert Fields LIV units at Brunswick in central Melbourne, is going through the planning system.
In the traditional apartment market, Mirvac is set to launch an upscale tower in Docklands this year – its tenth in Yarra’s Edge – and two more for the neighborhood it has developed over the past 20 years.
Its latest completed tower, Voyager, features 315 one-, two-, and three-bedroom apartments and larger “sky residences.”
“We have sold over 75% of these apartments, and we continue to see good sales momentum, especially from local buyers,” a Mirvac spokeswoman said.
The 43-level tower rising 130 meters is Mirvac’s tallest to date at Yarra’s Edge.
It includes a resident-only rooftop space on Level 43, with indoor and outdoor facilities for private dining, as well as a bar, lounge area, theater and karaoke room.
Despite lockdowns and other challenges, the 30-month construction program was completed on time by Mirvac’s in-house team.