The way of the future? Australia’s first “multi-family” apartments going up in Melbourne

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European style ‘multi family’ apartments targeting individuals and families who may never wish to own a home, but would like to have an extra long term lease, are here.

Family-owned property developer Salta Properties will start work early next year on the $330M 27-storey apartment complex, which will be leased out for up to ten years, the Sydney Morning Herald reports.

Designed by architect Fender Katsalidis, the building will feature 260 units on the waterfront at Melbourne’s Docklands. The site will also include a 170-room hotel.

Salta’s MD Sam Tarascio says the company is banking on a shift towards a more European-style of apartment living.

Lendlease clearly sees potential too. In their presentation at Macquarie Bank’s Australian investor conference on 2 May, the developer said they were considering new opportunities in residential multi-family/Private Rental Scheme (PRS) as part of their $24.7B funds under management.

Currently few property developers hold onto apartments as investments. Sydney developer Harry Triguboff is the exception with over 4,000 serviced accommodation-style and traditional apartments under his belt.