US build-to-rent giant Sentinel Real Estate has secured approval for its third project in Perth.
The 21-storey development, to be built on the corner West Coast Highway and Manning Street, will comprise 175 apartments in a mix of sizes atop a three-storey mixed-use podium.
The 17,221sq m build-to-rent project will be developed and leased by Sentinel.
It will feature four commercial tenancies, 230 bike parking bays, 215 car parking spaces and end of trip facilities for commercial tenants.
The approval follows the success of another of Sentinel’s build-to-rent projects, in Perth’s inner-western suburb of Subiaco.
The first stage of the three-stage development, known as Element 27, has been in operation and tenanted since early 2019.
The second stage is under construction and slated for occupancy in September while the project’s final stage has been given development approval.
Element 27 has been unofficially dubbed the first purpose-built institutional build-to-rent development in Australia.
The privately-owned New York-based group is one of the largest groups to enter Australia’s emerging build-to-rent sector alongside the likes of fellow American developer and operator Greystar and Sydney-based Mirvac.
It currently holds $10 billion in build-to-rent assets and 25,000 rental apartments globally.
“Our build-to-rent project will enhance Scarborough’s vibrant beachside and its exceptional design will provide residents with an engaged and sustainable community,” Sentinel Real Estate president Michael Streicker said.
“We’re also excited to be revitalising the public realm surrounding the site, creating new and exciting amenities for Scarborough.”
The development is also targeting a 5-Star Green Star rating, featuring solar panels and rainwater harvesting.
Streicker said the developer was confident of the underlying drivers of demand for build-to-rent housing in Western Australia as strong immigration flows resume.
“The local housing market in Perth is evolving and we know our build-to-rent model can deliver quality housing for more West Australians,” Streicker said.
Sentinel also has a build-to-rent project under construction in West Melbourne, having acquired a site there in 2019 with a permit for 157 apartments.