International development heavyweight Greystar has opened the doors of what is Australia’s biggest build-to-rent project, at least for now.
The $500-million triple-tower Gladstone at South Melbourne is the US-based build-to-rent specialist's first down under development.
It comprises 700 apartments across the three buildings of up to 30-storeys at 65 Buckhurst Street.
The project includes remote working spaces, wine room, rooftop terraces and bars, and outdoor cinema, and pet spa.
There is also a 330sq m gym, pilates studio, indoor lap pool and outdoor lagoon pool for residents who will sign contract for one to three years.
However, The Gladstone will not hold the title of the biggest build-to-rent for long.
Investa and Oxford Property Group’s Indy Footscray will have have 702-apartments and is due to be completed next year, while Lendlease and Daiwa House’s 797-apartment project on Collins Street, also in Melbourne is expected to open in 2026.
And in Sydney, Urban Property Group’s 800-apartment project planned across two towers at Parramatta was selected for a fast-tracked application process last month.
AsheMorgan is planning 900-apartments across two shoptop towers at Docklands in Melbourne. It was approved in May.
Greystar also has a 617-apartment project at South Yarra that topped out in August as part of its $2.3-billion Australian build-to-rent pipeline.
The South Carolina-based developer manages $315 billion in real estate globally. Its rental residential arm manges a million beds in the US alone.
Greystar Australia managing director Matt Woodland said The Gladstone fulfilled a crucial gap in the country’s housing market.
“Australian renters have been limited in their access to quality, fit-for-purpose homes for too long,” Woodland said.
“The Gladstone’s opening marks Greystar’s first major milestone in changing this reality.”
The sector, which first gained traction in Australia around 2019, now has 50,000 apartments in planning, according to an Urbis report released in May, .
The report also said that at the time thos apartments were across 156 projects incluiding 10,355 under construction, the Greystar projects included.
