Altis Property Partners and Aware Real Estate has lodged plans for an 18-storey build-to-rent tower in Melbourne’s Preston.
Aware Real Estate is the property investment platform of Aware Super’s directly owned Australian property portfolio.
The 3029sq m site at 6-34 High Street had prior planning approval for a 17-storey building with 174 apartments and 198 basement level car parking spaces, which was granted in 2012.
Previous owner-occupier Paint Mobile sold the site to Altis and Aware Super in 2022 for $14 million.
At the time of the sale, the partners indicated their intent to develop a build-to-rent project on the site, which has 63.5m of frontage onto Preston’s High Street.
An application has now been filed with the City of Darebin council to amend the previous planning permit to include a new design of 18 storeys plus two basement levels comprising 157 units and six shops.
BCI records show an estimated end value of $50 million.
A landscaped courtyard, residents’ lounge and rooftop terrace are also included in the amended design as well as 72 bicycle storage spaces and 203 car parking spaces.
The building on the site currently is used as a warehouse and retail outlet. Preston is 9km north-east of the Melbourne CBD.
Aware Real Estate has 11 existing assets, eight assets in development and a $1.9-billion portfolio with a 99 per cent occupancy rate.
The companies have also recently bought a half-stake in the Sunshine Marketplace for a speculated $65 million.
Challenger, who has a partnership with the Abu Dhabi Investment Authority, sold the stake after initially buying it from Vicinity Centres in 2013 for $45.5 million.
Vicinity owns the rest of the asset and manages it as part of its massive retail portfolio.
The 34,153sq m shopping centre is on a 12.2ha site, leaving plenty of room for development with a masterplan for 17 buildings across 11 blocks.
Last year, Aware Super and Altis also bought a site on Queens Road in South Melbourne opposite Albert Park and has plans for a housing project aimed at key workers.
