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International investors are keen on Australia’s build-to-rent sector as two heavyweights announce a joint partnership to develop a major project in Melbourne.
Malaysian developer UEM Sunrise Berhad and global rental housing investment firm Greystar Real Estate Partners announced the joint venture to undertake a build-to-rent project at Collingwood.
It will be the first such project in the suburb and is planned for a 5390sq m site at 21-53 Hoddle Street.
Cox Architecture will design the plans for the site after winning a design competition against three other major firms.
Two towers are planned for the project, which would include about 400 apartments, a skybridge, a residents’ garden, a public town square and pedestrian links to Hoddle, Langridge and Islington streets.
There will be a mix of studios and one to three-bedroom apartments plus a pool, gym, movie room, wellness and entertainment spaces, bicycle storage and parking, electric vehicle charging stations, a concierge service and co-working spaces.
The public square will have food and beverage options, shops, greenery and essential services.
Greystar will own and operate the site while UEM Sunrise will be the developer and delivery partner.
Plans are due to be filed next month with construction scheduled for mid-to-late 2024, pending planning approval. Construction is expected to take three years.
UEM Sunrise bought the site from Jowett Properties in March 2021.
CoreLogic records show that 21-43 Hoddle Street and 53 Hoddle Street were purchased in June 2020 with settlement in March 2021 and list a purchase price of $21.5 million.
The build-to-rent sector boom shows no signs of slowing, as evidenced by Scape opting to switch from student accommodation to build-to-rent—just one of many firms staking a claim.
