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Build-to-rent giant Sentinel will develop South Australia’s first project in that sector.
The Australian arm of the US company announced that it would deliver 250 premium and sustainable build-to-rent units at the 4000sq m site at Lots 49 and 50 on Third Street in the Bowden Precinct.
Sentinel will own and manage the units under its Kinleaf property management brand.
It will target an 8-star NATHERS rating and a minimum 5-star Green Star rating from the Green Building Council Australia.
More than 250 jobs are expected to be created as part of the project.
Bowden Precinct is the SA government’s first higher density urban infill revitalisation project.
The 16ha precinct 2.5km from the Adelaide CBD has been earmarked to become a vibrant inner-city destination with more than 3000 residents during the next few years.
The precinct is designed to have safe and walkable neighbourhoods with roads for pedestrians and cyclists. There is also a focus on sustainable and energy-efficient housing, public transport connections, and green and open public spaces.
Renewal SA manages and has oversight over the project.
Sentinel has delivered a number of build-to-rent projects in Australia including the Element27 project at Subiaco in WA, and has projects under way in Queensland and Victoria.
Renewal SA chief executive Chris Menz said that the project would help with the current housing crisis.
“Not only will it deliver greater choice and a more professionally managed and transparent rental experience for tenants, it will also free up availability in other housing segments that are currently oversaturated,” Menz said.
South Australian housing and urban development minister Nick Champion agreed.
“The build-to-rent sector is emerging as another way to help address housing shortages and ease the rental squeeze—and it’s great to see such a major global property player back Bowden as the place to do just that,” Champion said.
