New tenant at the Oaks Canopy Georgie in the lounge area. Security and amenities were what she was looking for. Photo: Ian Bushnell.
Georgie knows Canberra and knows the property industry. So when she inspected Oaks Canopy in Phillip, Canberra’s first standalone build-to-rent project, she knew she was home.
Born and raised in the national capital, Georgie works for a developer, but not the one that developed the Oaks Canopy, Amalgamated Property Group (APG).
She’d looked at other rental units in Denman Prospect, Woden and Greenway, but it was the security and comfort of the BTR concept at Oaks Canopy that sold her.
“Compared to my previous experiences, Oaks really stood out to me,” Georgie said.
“The whole build-to-rent community, and there’s that extra security, the comfort, the benefit of the incredible amenities, with all of these extra things that I don’t have to worry about, it’s what I was looking for.”
The 14-storey Oaks Canopy in Irving Street, one of a cluster of high-rise towers that make up the Oaks Precinct, opened in September and Georgie is one of the first to move in.
Georgie signed a 12-month lease on a one-bedroom apartment at $580 a week, which includes a car space and storage cage.
Options start at $515 a week for a studio, one bedroom from $575 and two bedrooms from $630.
Amenities include a media/function room, work hub, library, lounge and cafe on the ground floor, while outside there is a playground, exercise area, garden pavilion, vege garden and shared precinct gym.
An on-site manager and concierge services are there to ensure a smooth experience for tenants and resolve any issues that may arise.
Georgie praised the community amenities, quality of the build, unit design and on-site staff.
“I already love the community that’s been built,” she said.
“There’s not many of us here, but we have been able to kind of bump into each other and get to know each other a bit better, which has been lovely.
“So I definitely want to be able to book the garden pavilion and have family and friends over for a barbecue and use these common areas just to get to know people better.”
APG development manager Daniel Potts said about 10 leases had been signed but APG was in no hurry to simply fill up the building, saying it was more important to get the right tenant mix.
In a market where the vacancy rate is now over 2 per cent and there are a lot of apartments available, tenants are also discerning but Mr Potts said there had been steady enquiries, many from people interstate looking for a fast and easy transition.
“One of our first tenants came from Perth, site unseen,” he said. “He needed a furnished apartment as well.”
About 10 per cent of the 156 units come furnished but that number might now increase due to demand.
Others, like the Perth man, were in the public sector, but there were also people needing accommodation while renovating or negotiating a family break-up.
Mr Potts said the focus was on long-term tenancies and building community.
George said, eventually, she would like to buy her own home, and according to Mr Potts, that was something APG could assist with as part of its holistic property management approach.
“We’d really love to establish here at Oaks in our first built-to-rent development, a pathway for renters, giving them an opportunity to be purchasers one day with us,” Mr Potts said.
Mr Potts said APG would like to develop another BTR site, but the industry, in general, was looking for some more assistance from local and national governments to make it more viable.
“We’ve seen some positive signs from a federal level on things like depreciation and Managed Investment Trust structures, which has been positive,” he said.
“There’s also been good dialogue on how affordable housing can be combined with built-to-rent in the appropriate development.”
Mr Potts said the ACT should also come to the party on land tax, rates and finding and identifying specific sites where build-to-rent developers and long-term owners didn’t have to compete with build-to-sell products.
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