Investing in ex-public housing has merit for a business that’s multiplied two old properties into 18 affordable homes dubbed “micro apartments” in Norlane.
Your Home Studio Living has bought two 70-year old ex-commission houses to build new rooming house style studio apartments, creating 18 residences.
Director Patrick Barry said there are two at Norlane, with others at Heidelberg West, and they’re on the lookout to build more in Geelong, with a goal of adding 2000 rooms to Victoria’s permanent affordable rental pool.
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The Your Home Studio Living has built two rooming houses in Norlane.
Geelong state MP Christine Couzens and Your Home Studio Living director Patrick Barry, right, with Carl Petti from You and Your Support, and the Salvation Army’s Janny Monterosso and Jennifer Parrot.
Rooming houses aren’t a new concept, but are becoming more prevalent, particularly at Norlane where the old blocks are large, and can be cheap to acquire.
A rooming house with up to 10 habitable rooms doesn’t require planning approval.
Mr Barry said he and friend and business partner Tom Howgate came together four year ago thinking how can they combine their financial services and property skills to benefit the community.
“With our own money we took a pretty big risk and we delivered these rooming houses, and we found that they rented out very quickly,” he said.
They had more than 100 applications.
The ex-commission home was demolished to make way for the new development at Norlane.
The Your Home Studio Living rooming house has opened in Norlane.
The 28sq m one-bedroom studio apartments have their own shower and bathrooms.
“There’s nine, one-bedroom micro apartments, all brand new. We’ve got hotel-style acoustic walls so people can’t hear, we didn’t cut corners on the finishing.
“They’ve got their own private courtyards. It’s a real sense of community we’ve created in those homes.”
The homes surround shared kitchen facilities and rent for about $320 a week, including all outgoings.
“It’s targeted to the market where people can’t afford to sort of rent a single unit on their own,” he said.
“We’ve had people crying when we said here’s a room – it’s impacts investing that we’ve tried to do, where we have a meaningful social and environmental outcome, but also have a sustainable business model,” Mr Barry said.
The Your Home Studio Living rooming house has opened in Norlane.
The homes have shared kitchen facilities.
Geelong state MP Christine Couzens said the property was impressive.
“We need a whole range of different housing options for people. What they are providing there is, to their credit, giving back to the community,” Ms Couzens said.
“They want to house people in good, safe, secure housing and that’s exactly what they have done.
“The visit I had was so impressive and talking to the tenants, they are loving living there, it’s just what they need.”
Ms Couzens said housing needs have changed.
“We’ve got lots of single people out there, particularly older women, and that’s what they want,” she said.
“They just want a place that’s easy to look after, suits their needs, provides that secure and safe housing and it’s affordable.”
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