Pro-invest Group is set to tap into Australia’s emerging flex living market with a ‘fuss-free’ offering targeting Gen Z and millennial travellers.
Blending a traditional hotel experience with the co-living model, Pro-invest says it will focus on smaller, full-furnished, self-contained studio and one-bedroom accommodation.
The group believes this flexible approach will appeal to expats, business travellers, digital nomads and more seeking ‘comfort, convenience and community’.
As a real estate asset manager, hotel operator, and investment firm, that has introduced three international hotel brands into the Australian market, Pro-invest will leverage its hospitality experience to support this strategic expansion.
“Our flex-living model will offer a variety of accommodation options, while fostering a sense of community through shared spaces and personalised services,” said Pro-invest Group, Founder and Chair, Ronald Barrott.
“The fundamentals of low vacancy, low supply, and changing lifestyle preferences are supporting a positive outlook, and we are perfectly poised to capitalise on this.”
A community experience is at the heart of the flex living model, with shared spaces such as gyms, co-working areas, and communal areas, designed to cater to a rising number of young people seeking social interaction.
Pro-invest Group Co-founder and CEO Europe, Sabine Schaffer, sees a big opportunity for this model in Australia.
“We see flex-living as one of the fastest growing sub-segments of the multi-family sector as councils globally see the offering of smaller and more flexible accommodation solutions a way to take pressure off more people wanting to be in urban environments,” Schaffer said.
“In Europe specifically, co-living has been around for a couple of years and hence we already see a number of institutional parties allocating funds into the segment, but we see that in Australia a flex-living model is better suited.
“Given our team’s European expertise, we know ‘what works and what does not’ which is important when avoiding pitfalls given how nascent the segment is in Australia.”
The group will target prime locations in CBD and suburban areas and will prioritise sustainability and world-class design in each project – from green technology and energy-efficient designs to smart waste management.
With vacancy rates in Australia’s major cities of Sydney and Melbourne below 1%, Pro-invest says a mix of accommodation options is key to addressing the issue.
“Similar to what our colleagues see in other international markets, we believe that flex-living has its role to play in the Australian landscape,” said Pro-invest Developments Managing Director, Tim Sherlock.
“Having successfully adapted international trends to the Australian market in the past, our team is well positioned to offer a systematic roll-out program in creating a shared space that connects people with community more strongly, is far more sustainable, and delivers significant cost savings, while providing greater returns for investors per square metre.”