Adelaide’s first co-living skyscraper, which reimagines communal living, has opened in the CBD, helping young renters beat the State's rental crisis.
The innovative $65 million, 34 level building at 203 North Terrace called The Switch, which sits atop the historic G & R Wills building, has already been flooded with enquiries from young renters since opening its doors on Monday.
“Not only are we filling a gap in the market by introducing a new type of residential living experience where people can live, learn, work and play under the one roof, we are helping beat the rental crisis,” Switch SA General Manager, Belinda Henderson, said.
“Rental vacancy rates in South Australia dropped to a 16-year low in January, so we are definitely fulfilling a big need in the market with the opening of The Switch,” she said.
The brainchild of property management professionals Craig Oliver and David Cameron, The Switch puts a modern twist on shared houses and communes of the past.
The building - one of the first of its kind in Australia - houses 347 beds in a mixture of furnished private studios through to four bed shared apartments. It sits above the State Heritage listed 150-year-old office and warehouse of G & R Wills, a prominent South Australian soft goods wholesaler.
It differs from normal rentals as rooms are fully furnished, and the all-inclusive rent structure includes use of WiFi, utilities, common spaces and much more. It is designed for both students and young professionals.
Residents share common facilities including a rooftop lounge offering uninterrupted 360-degree views of Adelaide, co-working spaces, a “honesty kitchen” filled with fresh food, a theatre - and even a DJ booth and podcast studio.
The North Terrace building also boasts integrated mobile technology managing door locks, complimentary membership to the safety and well-being app Sonder, a 24/7 staffed fitness studio and all-hours access to digital mail lockers - all included in the rent.
“We are offering a new type of residential experience for young renters in Adelaide, which has already proved hugely popular across Europe,” Ms Henderson said.
“The building combines high quality, multi-functional, safe, and secure living options with highly activated common spaces bringing the best of Adelaide into the property.
“We boast a fully operational co-working facility, a staffed gym offering a range of fitness classes and pop-up retailers to activate our heritage ground floor lobby area.
“Something as simple as all-inclusive laundry has already been very popular amongst our new residents.
“People also love the abundance of activated common spaces and the different types of events, like workshops, that bring these spaces to life,” Ms Henderson added.
The Switch is located in Adelaide’s CBD, giving access to all of the Adelaide Universities including the soon to be built Flinders University CBD campus directly across the road.
It also backs onto Rundle Mall and is surrounded by restaurants, bars and convenience stores. The Adelaide train station is on the doorstep, giving easy access to all that Adelaide has to offer.
Ms Henderson said: “Our residents also love the fact they can sign the lease today and move in tomorrow.”
The first The Switch building opened in Perth in March and is already a resounding success, with a 70 per cent occupancy rate increasing every day.
More buildings - with a combined value of more than $500 million across four capital cities - are due to launch in Sydney and Melbourne in early 2023.
Co-founder Craig Oliver said: “Young renters nowadays want housing options that better suit their lifestyle and needs.
“For most, buying their own home is out of the question and renting on your own is not only expensive but can be incredibly lonely.
“The Switch is catering to Adelaide’s young generation of renters. It was designed specifically for like-minded individuals and they love it,” he said.
Holly Couprie was one of the first residents to move into the building when it opened on Monday.
"It's hard to find a good rental in Adelaide, especially one in the city which is close to uni," she said.
"Everyone is super friendly and the rooms are modern and well designed. I also like only having to worry about one bill as the rent is all inclusive."