The first Melbourne build-to-rent project under the Indi platform, a joint venture between Oxford Properties and Investa, has topped out.
The development is the largest in the Indi portfolio and follows the completion of its first development in Sydney, which launched in November.
Oxford Properties owns the Indi build-to-rent platform while Investa develops and manages the properties.
The JV recently opened the first project under the platform in Sydney, Indi Sydney, which is above the new Gadigal Metro Station.
It was the first purpose-built build-to-rent asset in Sydney’s CBD and offers 234 apartments.
Roberts Co is building the Indi Footscray, which comprises 702 apartments in a a mix of studios, one, two and three bedrooms.
The 20-storey development will be home to more than 1200 residents at the site next to the Footscray Train Station. It includes rooftop garden terraces, co-working spaces, a fitness centre, cinema, and a public piazza with retail spaces; and was designed by SJB.
The platform now had about 1400 apartments across three projects in Melbourne and Sydney with a total end value of $1 billion, the partners said.
“Indi Footscray is our first ... build-to-rent project in Melbourne, and the largest Living Sector project in our portfolio,” Investa development head Mark Tait said.
Oxford Properties development vice-president Asia-Pacific Ian Lyon said the region was attractive to the company.
“Oxford is a high conviction investor in build-to-rent globally, and we find market fundamentals in Australia particularly compelling,” Lyon said.
“Strong rental demand, population growth, and evolving lifestyle needs continue to drive demand in the living sector.”
