Demand for a unique development in Perth which reimagines communal living is so high another project is already in the pipeline for WA.

The innovative $90 million 39-storey skyscraper, called The Switch, is located in the heart of Perth’s CBD. Since opening its doors to a new generation of young renters a few months ago more than 350 leases have already been signed.

“We have filled a gap in the market by introducing a new type of residential living experience completely designed around the needs and wants of a young generation of renters,” Switch Perth General Manager, Tara Holst, said.

“We have been blown away by the positive feedback and high demand - so much so we have another building already in the pipeline. Lifestyle led living is hugely popular for young people in Europe and the UK and now we have shown it’s loved by Aussies.

“The demand certainly proves this type of accommodation for a new generation of renters is needed in Perth.

“Residents share kitchens, dining and living areas and can attend workshops, on-site classes and events, all of which are designed to draw people together.

“Our tenants can hold events such as hobby workshops, clay making, art classes,  entrepreneur meet and greets and pop-ups by local businesses, such as Mango Project and tattoo artists.”

The building - the first of its kind in Australia - houses 483 rooms - a mixture of private studios and shared apartments with two, four or five bedrooms.

The Wellington Street tower, the tallest residential building in Perth’s CBD, also boasts a rooftop lounge, co-working spaces, a theatre, 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. And this is all included in the rent.

The Switch is the brainchild of Founding Partners Craig Oliver and David Cameron,  two property management professionals with more than 40 years’ combined experience in cross-border real estate investment and operations, including global student accommodation.

"We are scoping out possibilities for a second building in the CBD and surrounding areas after the resounding success of the first," Mr Oliver said.

He 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 Perth’s students and young professionals from start-up,  creative, financial and professional walks of life. It was designed specifically for them and they love it,” he said.

Nikita Patil, 26, was one of the first people to experience The Switch, moving into a two-bedroom apartment on the first day it opened in March.

The University of Western Australia student, who is studying a Master's in Business Information and Logistics Management, said she loved the common spaces to both chat and study, and to be with people her own age.

“The building is also very secure, with security access needed for each floor,” she said.

Ms Holst added: “The residents value the volume and quality of common spaces within their property - which is shown by the high usage throughout the day and evening.

“They also enjoy the all-inclusive rent structure - particularly the laundry aspect,” she said. “They love the fact they can sign the lease today and move in tomorrow.”

More The Switch buildings - with a combined value of more than $500 million - are due to launch in Adelaide this month, and Sydney and Melbourne in early 2023.

“We have aspirational growth concepts throughout Australia based on our success to date,” Ms Holst added.