Trenerry Property Group is purchasing a 3-story property in Darlinghurst to develop a luxury member’s club amid Sydney’s rental crisis.
Sydney is currently going through a rent crisis, leaving many to bargain with landlords for rent stability with little to no mechanisms of pushback.
Low vacancies and a lack of new housing have left the field open for landlords to mercilessly turn renters against one another- bidding unit’s prices up far beyond their value- creating inexplicably expensive units.
Of course, this bodes well for the landlords who are looking to maximize their profit, but not for the renters who are looking for an affordable place to live.
A new Sydney law has gone into place in an attempt to stop the bidding frenzy by prohibiting landlords from offering bids to would-be-tenants that exceed the listed price. However, the provision does not forbid renters themselves from bidding up the price, meaning only one end of the flow has been cut off.
Despite the lack of new affordable housing, property developers such as Trenerry and Kanat Group (who purchased a 3 story property in Sydney for $20 million in order to develop the new Soho House) are still allowed to purchase properties in the city to develop a luxury member’s club.
“The famous Soho House of New York is finally coming to Sydney! It’s one of the world’s most popular member clubs… we’re talking O.G Gossip Girl vibes. And you can expect it to open up in Darlinghurst!
Trenerry Property Group and Kanat Group spent a nice $20 million on a three-level property at 256 Crown Street (near Oxford Street). With 38 locations already around the world, it makes sense that Sydney’s next on the list. This Hollywood-star club is all about bringing beachy summer vibes with a boujee twist, and we’re here for it!
Tag someone who’s definitely gonna hit up Sydney’s Soho House when it opens! (Which we’ll tell you guys as soon as we know!)
📸: Soho House New York
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