Tenants flock to Ed.Square despite COVID-19 market fears
Industry experts have spent months musing about the potential post-pandemic recovery of the property industry, and it seems like the Ed.Square community in Sydney’s south-west may hold some helpful hints.
With the community’s first apartment buildings settling in August, Frasers Property Management launched an Expressions of Interest Campaign for rental apartments. National Property Manager, Richard Kemp said that his team didn’t know what to expect in the lead up to the launch.
“Ed.Square is the first community of its kind in the area so there’s really nothing to go off,” says Richard. “Edmondson Park is known for project homes rather than apartment communities, so it’s not somewhere you’d typically think to look if you were searching for a rental apartment.”
After several months of renegotiating payment plans and rental prices across their national portfolio, the team were cautiously optimistic but braced for the worst. Launch day arrived and eight weeks later the team were following up more than 240 rental registrations from tenants eager to join the south-west’s new urban village.
“We were quite overwhelmed with the response we received after opening the project to expressions of interests from prospective tenants,” recalls Richard. “What we’ve seen is a lot of people from the local area who are excited about what’s being created at Ed.Square and really want to be a part of the community. They’ve been watching the site come to life over the last few years and know that they’re going to have movie theatres and an Eat Street and a really lovely environment to live in.”
The multi-staged mixed-use precinct at Ed.Square will include more than 1,800 dwellings upon completion, serviced by a Town Centre that will include a full-range Coles supermarket, Event Cinemas, vibrant Eat Street and dozens of exciting specialty stores. The project is also located adjacent to Edmondson Park station, which Richard identifies as a major drawcard for prospective tenants.
“We’re creating a community, not just an apartment block. And it’s something that people want to be a part of.”
Ed.Square is the latest Frasers Property community to buck the trend of rising vacancy rates and dropping enquiry during the pandemic.
In July 2020, REI NSW reported a vacancy rate of 5.0% in the greater Sydney area, before the pandemic hit, Frasers Property Management maintained a vacancy rate of approximately 1% across their portfolio and have managed to keep it steady at around 3% even as vacancy rates elsewhere have skyrocketed.
Just a short drive north from Ed.Square in Blacktown, the Fairwater Community has maintained an incredible 0% vacancy rate.
If there’s one thing that 2020 has shown us, it’s that we never know what’s around the next corner. But for now, the team from Frasers Property Management are feeling optimistic about what the next 12 months hold and are looking forward to placing the first tenants in their new homes at Ed.Square.
For rental opportunities at Ed.Square, please call 13 10 25.
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