Pro-Invest Embraces Nascent Flex Living Sector

Property funds and asset manager Pro-Invest is tapping into the latent demand within the younger generations for a more flexible, affordable and convenient type of accommodation. Pro-Invest chief executive of Europe Sabine Schaffer said the decision to move into flexible living had been driven by demand for an urban living solution for Gen Z and Millennials. “[They] don’t like to be tied down and are looking for a place to stay that fits their desire for sociability, convenience, and flexibility,” Schaffer said. “It’s also a more sustainable way of living because guests use shared resources, and the size of the accommodation leaves a smaller footprint both physically and in terms of its strain on the environment.” The integrated property and funds management platform already has $3 billion in assets under management but it will be looking to add further assets in its bid to flesh out a 6000-units flexible living portfolio. Pro-Invest this year signalled its intention to develop a co-living platform , but this latest move is now the focus, according to Schaffer. “Pro-invest believes there is room in the market for a variety of living models and we believe the two can co-exist; however, we believe that flex living is the preferred model for now in Australia,” Schaffer said. Schaffer said they would look at all options whether it was acquiring new assets, investing in existing asset or repositioning them after renovations and rebranding. “We are typically looking at buildings of around 200 units, with a target of 6000 units in the long term,” she said. “This could be underperforming hotel assets that are ripe for repositioning, commercial offices that can be easily converted or even new builds in the right locations. “Flex living relies on efficient use of space, while providing the ability to convert common areas for socialising. We also prioritise amenities such as pools, gyms and recreational facilities that are an essential part of the flex living model.” ▲ Pro-Invest co-founder Sabine Schaffer said there were good international examples of co-living, including Lyf by Ascott in Singapore (pictured). Schaffer said assets needed to be close to major urban centres and transportation hubs, as well as neighbourhoods with a “good vibe” and access to cafe culture and sporting facilities. Schaffer said while the flex living asset class was fairly nascent in Australia, there were good examples globally and the Pro-Invest team would adapt this to the Australian model. “We have seen what works and what doesn’t by looking at what others are doing overseas,” she said. “Most of what we have seen is in the co-living rather than flex living space, but we can see good examples in the likes of Lyf by Ascott in Singapore or QUO in Tokyo.” In the Pro-Invest flex-living model, the units would be fully furnished and self-contained with social spaces for work and leisure within the building. It provides more flexibility in terms of stay duration, space usage and amenities, and Schaffer said Pro-Invest would apply its hospitality expertise to provide services to guests. Schaffer said Australia was ripe for flex living with the shift towards remote and flexible work patters, the rise of the gig economy, housing cost pressures and low vacancy rates. “From an investor perspective, Australia is a very attractive market because it has proven very resilient in terms of its real estate values and has a stable political environment and well-regulated financial sector,” she said. “Investors are increasingly looking at alternative real estate sectors, and flex living offers attractive returns at a time when more traditional commercial real estate such as offices and retail are facing more challenges.”

Pro-Invest Embraces Nascent Flex Living Sector

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