- American-based real estate company Greystar has received planning approval for what it is billing as the country’s biggest build-to-rent development
- The building will contain 625 apartments and 2400 square metres of retail and commercial office space.
- Approximately 970 jobs will be created during construction, with an additional 150 created after completion
- In February 2020, Greystar purchased the two adjacent properties on Yarra and Claremont Streets in the Melbourne suburb of South Yarra
The planning permission of a new build-to-rent development in the upmarket inner Melbourne suburb of South Yarra has been announced today by Greystar and Fender Katsalidis.
This is Australia’s largest build-to-rent development permit, according to the company’s statement, allowing for the building of 625 apartments and 2400 square metres of retail and commercial office space.
Greystar managing director Chris Key said the design would deliver a best-in-class build-to-rent experience while introducing new flexible living options for renters.
“This project is not just the largest development of its kind, but it is an important step in increasing the diversity of housing choice in Australia,” he said.
“While build-to-rent is an emerging housing product in Australia, we believe it is simply a matter of time before this residential sector gains a foothold as a primary investment allocation for institutional investors in the Australian market.”
Approximately 970 jobs will be created during construction, with an additional 150 created after completion through the office, retail, and on-site management components.
Two buildings will rise above a shared basement, with ground-level retail options that will include a pedestrian through-link and add to the precinct’s and neighbourhood’s amenity.
A total of 382 build-to-rent apartments and 2000 square metres of commercial office space will be housed in the first 30-storey Yarra Street tower.
The second Claremont Street skyscraper, which will rise to 21 storeys, will house 243 fully equipped, flexible living apartments. The project will include a new pedestrian laneway linking it to the South Yarra railway station, which will provide residents with a two-stop commute to Melbourne’s CBD.
“Our design centres on integrating build-to-rent and flex housing into the character of South Yarra’s Forrest Hill precinct through the incorporation of amenity and a focus on the site’s context,” Fender Katsalidis director James Pearce said.
“The towers will be distinct but achieve cohesion using colours and materiality, with the architecture, providing the foundations to allow Greystar to operate numerous services and provide a high-quality living experience for its residents.”
In February 2020, Greystar purchased two adjacent properties on Yarra and Claremont Streets, allowing this plan to take advantage of two of the final remaining large-scale building sites in the sought-after Forrest Hill Precinct.
“This build-to-rent project is an important step in Greystar’s strategic vision of unlocking complex development sites to bring high-quality housing options to a broader spectrum of the rental population,” Mr Key added.