There is a limit to how far capitalisation rates can tighten because investors faced with falling returns for commercial property investments will eventually start to look elsewhere, says Salta Properties Managing Director, Sam Tarascio
“Tribe is a success; a strong and beautifully crafted gift to West Perth that injects a smooth dose of character without overwhelming the area.”
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Australia’s newest hotel brand, TRIBE Hotel Group (TRIBE), hosted an official opening ceremony in West Perth this week for its first property, TRIBE Perth.
The opening ceremony of the $30M hotel saw collaborators, stakeholders and supporters, fly in from across Australia including representatives from Salta Properties, Victor Smorgon Group, Mantra Group, Travis Walton Architecture and Idle Architecture, with international guests from Oberoi Group, and MP Direct also in attendance.
TRIBE owner and co-founder Mark Peters hosted the ceremony and shared TRIBE’s vision with the crowd:
“‘What do you want in a hotel?’ We asked. And we have listened. We’ve spent several years roaming the globe dissecting and admiring the very best hotel offerings and have learnt that now, more than ever; travellers want a designer driven, boutique hotel experience without all the fuss, at an affordable rate.
“TRIBE is an edited hotel experience for luxury lovers who appreciate high end design without the expensive price tag, and we’re incredibly proud to be launching here in Perth,” said Peters.
Mr John Carey MLA – State Member for Perth and Parliamentary Secretary to the WA Premier also delivered an address at the event:
“TRIBE hotel is a fantastic addition to West Perth and brings life and vibrancy into an important area in Perth. It’s a wonderful endorsement to have the first TRIBE hotel launching here. Facilities like TRIBE compliment the McGowan Government’s commitment to bring more visitors to WA and boost tourism in our State.”
The ribbon was cut to officially open TRIBE Perth by Mr John Cary MLA, Executive Director of Salta Properties Sam Tarascio Snr., and Michael Iaobucci of Victor Smorgon Group.
As Australia’s newest hotel brand, TRIBE is focused on giving guests an edited hotel experience, which delivers everything they need and nothing they don’t, in an intelligent and sophisticated space designed by award-winning Australian architect and interior designer Travis Walton.
TRIBE has immediate plans for national expansion with sites in Adelaide, Hobart and Melbourne secured, with opening dates to be announced in the near future. .
Also known as “multi-family” or private rental sector, where long-term residential leases of up to five and 10 years are made available to tenants, this sector could be about to have its role in the affordable housing debate made more prevalent.
The affordability of the owner-occupier market is becoming increasingly problematic. The AFR has reported that a third of Australian households rent and more than 40 per cent who are renters have been so for more than a decade. According to CoreLogic, there is a growing trend of people not being interested in buying a home. Employment mobility is likely to a significant reason for this situation.
The GST, stamp duty, land tax, sales commissions and other costs related to the acquisition and sale of residential properties are impediments to those who regularly relocate for employment reasons. Rent.com recently surveyed 2,000 renters regarding reasons for their choice to rent, finding that 20 per cent of them chose to rent as they are uninterested in real estate or they use their capital to invest in other investment classes.
Superannuation funds are being encouraged to become active in the sector. Mirvac is investigating the opportunities. Salta Properties are developing a 260-unit, $330 million tower at Docklands in Melbourne for the build-to-rent market with leases up to 10 years in length. It is understood Frasers and Stockland are also investigating the sector. The UBS Grocon Real Estate managed fund will hold 1,250 Gold Coast rental apartments built for the 2018 Commonwealth Games.
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Salta Properties’ business precinct in Melbourne’s Mulgrave, Nexus Corporate, will offer property management platform Equiem to its tenants, making it the first ever business precinct in Australia to adopt the software.
Equiem is a customer-focused property management platform that bridges the information gap between occupant and owner, and is expected to allow Salta to fully understand tenant needs and tailor its customer experience.
On completion, Nexus Corporate will offer in excess of 120,000 sqm of premium office space, which makes it the largest suburban office precinct in Victoria with an end value of more than $800 million.
Managing director Sam Tarascio said Salta was committed to innovation and listening to customer needs.
“Tenant satisfaction is always top of mind and we are pleased to offer a service that will provide us with a better understanding of their needs and ultimately benefit the 4,000 employees who call Nexus home,” said Tarascio.
Tenants at Nexus include Adidas, Nestle, IAG, GS1, CBRE, ADP, Carlisle Homes, Bristol Myers Squibb, Nestle Heath Sciences and Renault.
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