22 March 2024

Free rent sweetener for tenants as first Emporium apartments set for release in Greenway

| Katrina Condie
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Emporium aerial view

Emporium development offers affordable, long-term tenancies for anyone seeking a one, one plus study or two-bedroom apartment in the heart of Tuggeranong: Photo: The Property Collective.

The first 50 tenants of Tuggeranong’s new Emporium build-to-rent complex will be offered a free rent period when the apartments are released on Tuesday, 26 March.

Leasing agent Hannah Gill from The Property Collective said eligible tenants would be offered the rent reimbursement of up to eight weeks to help offset the rising cost of living.

“We’re talking up to $3,680 over two years, which can go a long way for people, particularly in the current climate,” Hannah said.

Located in Greenway, the 146-unit Emporium development offers affordable, long-term tenancies for anyone seeking a one, one-plus study or two-bedroom apartment in the heart of Tuggeranong.

The build-to-rent concept offers secure rental opportunities in a brand-new property.

“Tenants can move into their Emporium unit knowing they’re not going to have their home sold out from under them,” Hannah said.

“They’re not going to be kicked out of an investment property because the owner wants to move in or sell. They’re not going to have people coming into their home for sales inspections, and they can have that peace of mind knowing that once they move in, they can stay long-term.”

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Hannah said many renters have found themselves scrambling to find alternate accommodation as investors in recent months sold their properties on the back of interest rate rises.

“With build-to-rent, the residents will have that security, so that’s one less thing they will have to worry about,” she added.

Many new apartment buildings in Canberra have rooftop dining rooms, gyms, and indoor swimming pools, but with all these extras comes the extra cost.

Hannah said Emporium doesn’t have all the bells and whistles so the price tag would be more affordable.

“The pricing will be competitive with other new apartments on the market, but tenants won’t be paying extra for pools and gyms. The pricing will reflect that,” she explained.

“The owner wanted to bring a product to the market that wasn’t overly complicated and keep the pricing competitive for residents. Once you start adding all those extra things, the rent will be a lot more.”

rooftop of Emporium

Emporium doesn’t have all the bells and whistles so the price tag would be more affordable. Photo: The Property Collective.

The apartments themselves boast spacious floorplans, balconies and great views.

“The finishes are really modern, minimalistic with neutral colours, so people can add their own style to create their own home,” Hannah said.

“The main thing that stood out for me was how functional and well-considered the spaces are. There are a few different floor plans, so people can choose the one that best suits their needs.”

Rooftop garden

The rooftop garden is the perfect spot for a sunset dinner with friends. Photo: The Property Collective.

There’s a rooftop garden, allocated car parking for some units and low-maintenance landscaping.

“The product is minimalist, quality and functional, which is what many people are looking for,” Hannah explained.

Prices start from $410 per week for a one-bedroom unit, providing an excellent opportunity for singles and young couples who may be paying a similar price for an older property in the Tuggeranong area.

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The fuss-free, simple lifestyle will also suit those looking to downsize and travel.

Hannah said the location of the Emporium was “unbeatable” and within walking distance of the shopping centre, public transport and Lake Tuggeranong.

“It’s super central. I don’t think you can beat it in the area,” she added.

With rental vacancy rates dropping below 2 per cent in Canberra, Hannah expects huge interest in the new property.

She encouraged anyone interested to “get along to an open home as soon as possible to get the pick of the units that are released in the first round”.

To register interest in an apartment, head to The Property Collective.

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devils_advocate7:50 pm 22 Mar 24

Long term rents are available under the current law. In fact it is possible to register a tenancy agreement on the title to the property, so the agreement will survive sale.

However the reality is that a major reason why tenants rent is because they value the flexibility. So they want to have “long term security” but at the same time not be tied down to a long-term lease.

The rot starts…. Free rent! Build to rent will not work..,

Oh. And why is that?

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