Melbourne apartment tower to have own co-working spaces
A new Melbourne apartment tower by Malaysia-backed EcoWorld International will feature one of the latest must-haves for unit dwellers: a co-working space.
The developer has proposed a three-level co-working space for its 26-storey Yarra One residential tower in South Yarra, which will also sport ground floor eateries with alfresco seating.
The company is targeting creative and tech workers who want to avoid commuting to the city. But competition is stiff: a cluster of new co-working spaces has sprung up across Melbourne.
Commercial Insights: Subscribe to receive the latest news and updates
Global giant WeWork last year opened its first Melbourne location in the CBD and is eyeing opportunities across the city.
New Lendlease projects in Docklands are also likely to include a WeWork and a rival Regus-owned Spaces. Mirvac has also crafted apartments that allow for working from home.
EcoWorld general manager Jeffrey Ong says the group has planned commercial use for levels one to three of the building, but after talking with local residents discovered the demand for co-working spaces.
“There’s a lot of young population who like this space. They like to be in a co-working space and collaborate,” Ong tells The Australian.
“Even downsizers or retirees are still active in their work. They still like to go out and work from a workspace rather than just in their own apartment or own study room.”
With design by Fender Katsalidis Architects, the first level will include a cafe and meeting room and hot desks and private offices will be on the second and third levels.
Yarra One residents will be eligible for a free hot-desking membership and the desks will also be on offer to nonresidents.
There will always be demand for apartments as long as the population is growing
A number of developers — most notably Lang Walker — have recently dropped residential plans to pursue office towers instead, but Ong says Yarra One is a different situation.
“Our apartments are still selling. We have not changed from apartments to offices,” he says. “The space we are working on now is from day one a retail space or commercial space.”
He hopes to see more apartment towers with co-working spaces in the future to allow residents to integrate living and working.
Construction on the project is set to start next month and to be finished in the second half of 2020.
The group also has a project under construction in Sydney’s Parramatta.
This is its first project in Melbourne and it is looking to buy more sites in the city.
The 255 apartments in Yarra One are more than half sold and include a mix of one, two, three and four-bedroom units.
Ong says there will always be demand for apartments as long as the population is growing.
The remaining units start at $435,000. The building will include a gym, yoga room and outdoor spa.
This article originally appeared on www.theaustralian.com.au/property.
