Co-living continues to expand on Australia’s shores, with operator UKO opening its second site in Sydney’s Paddington.
The new 248 Moore Park road property spans two, three-storey, heritage listed terraces comprising 26 studio apartments in a move by Hotel group Veriu co-founders Alex Thorpe and Rhys Williams.
The duo founded UKO, Australia’s first co-living operator, which opened its doors in September last year with a 33-studio property at 30-34 Parramatta Road Stanmore in Sydney’s inner west.
UKO chief executive Edward Fernon says co-living is a solution to Sydney’s rental squeeze.
“We facilitate a community while providing residents with a flexible, easy and affordable rental solution,” Fernon said.
There are no lock in leases, smaller bonds and no additional overheads, Fernon added.
Dubbed as the next step in housing’s evolution, the concept is a solution to current social challenges of isolation as well as housing affordability.
Other newcomers to the co-living scene include Caper Co-living, which launched into the Australian market last year with two properties in Newtown and Petersham, and Singaporean company Hmlet which opened two properties in Sydney's inner-west suburbs Newtown and Marrickville.
Fernon says rental prices start at $495 per week for a six month lease, inclusive of water bills, electricity and internet.
“It’s difficult to compare our pricing to the local rental market as our leases are flexible, rooms are fully furnished and pricing is all inclusive.”
UKO have plans to open in Glebe and Wolli Creek later this year, along with a new development underway in Newtown next year.