This article is from the Australian Property Journal archive
WITH innovation at the forefront of the project, Australian company The Switch is starting to reap massive rewards after seemingly flying under the radar.
The Switch has bought buildings to Perth, Adelaide and Melbourne so far, attracting enormous attention quickly.
Designed for Gen Z, students and young professionals, the target demographic has wasted no time in snapping up their spot. After opening less than a year ago, the Perth and Adelaide buildings are fully booked. The Melbourne building which houses students only, was 100% pre-sold prior to its opening in February this year.
The Switch was introduced by property management professionals with over 40 years of experience between them Craig Oliver and David Cameron.
Their company is bringing a ground-breaking style of purpose-built housing to cities in Australia, with nothing but glowing responses.
“The Switch caters to students and young professionals from start-up, creative, financial and professional walks of life. It was designed specifically for them and they love it,” co-founder David Cameron said.
“Our success is due to the unique appeal of The Switch by focussing on affordable and flexible living specifically designed for Gen Z and Millennials, the strong return of the overseas student market and the rental crisis in our capital cities.”
“Our residential experience is specifically designed with the young customer in mind. The design of the bedroom, the array of amenities and the residential experience including technology and sustainability all play on the research of our Gen Z/Millennial customer.”
“This is a very different proposition to our competitors and is what sets us apart in the market.”
With such a successful business fuelled by original and unique ideas, The Switch are aiming to double their portfolio in capital cities across the country in just three years to $900 million.
“We have been blown away by the positive feedback and high demand – so much so we are planning more buildings, Lifestyle led living is hugely popular for young people in Europe and the UK, and we have shown it is now loved by Aussies,” co-founder Craig Oliver said.
“There is an immense need for more residential purpose-built housing in Australia’s capital cities, with this situation not improving in the short to medium term.
“We’d expect recognition of the current market conditions as an opportunity for investment.
“Given the quality of our pipeline and the performance of our existing portfolio we are aiming to double our properties under management in the next three years without compromising investment performance.
“It is very clear that the market fundamentals for purpose-built housing are very strong, and we would expect further capital investment in the short to medium term.
“We see substantial growth opportunities in all major markets throughout Australia and New Zealand, and have a significant pipeline of exclusive opportunities in all of these markets, with the focus being on the eastern seaboard in Australia,” Oliver added.
Highlights of The Switch’s buildings include sophisticated design (social lounges, rooftop entertaining areas, private dining rooms), performance theatres, meeting rooms, cinema, games area, group fitness classes, tech-focused amenities such as podcast studios and electronic parcel lockers.
So far, Adelaide ($77m), Perth ($90m) and Melbourne ($195m) headline The Switch’s portfolio with a $95m site in Sydney currently undergoing construction, with completion billed for early 2024.
