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Editions
August 09 Edition Cover

Long-term lease to be introduced

01 Jun 2017

Developer Salta Properties is planning to introduce the first ever long-term lease residential tower to Docklands.

Salta Properties is building a hotel on the corner of LaTrobe St and Harbour Esplanade, with 260 apartments sitting above it.

The developer will retain ownership of the residential apartments and will offer tenants long-term, multi-family leases of five or 10 years, a concept new to Australia.

Salta Properties’ managing director, Sam Tarascio, said the long-term lease plan would set a new benchmark for Australia’s rental market.

“The next generation of Australians are steadily becoming less obsessed with home-ownership and are renting for much longer periods than their parents, however they are usually constrained to six to 12-month leases,” he said.

“Prices in the Melbourne rental market are also increasing at alarming rates, so we are exploring a concept to respond to this situation and provide Victorians with a different housing option,” Mr Tarascio said.

This news comes after the site for a primary school in NewQuay was announced. The mixed-use tower will be within walking distance to the school.

Long-term residential leasing can attract more families who will connect with Docklands, with Salta stating its multi-family concept aims at addressing rental shortages and providing long-term certainty of tenancy and rental costs.

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