- Sentinel's first build-to-rent project in Melbourne
- Follows the first build-to-rent project in Perth, Element 27
- Site was home to Briscoe & Company Limited, a Victorian-era hardware firm
The Australian division of Sentinel Fund Manager has progressed construction of its Build to Rent development in West Melbourne, which is expected to be valued at $150 million upon completion.
The 172-apartment project at 164-168 Roden Street will be designed by Melbourne architects Rothelowman and delivered by Crema Constructions, who have completed foundation works for the new structure.
The Build to Rent sector continues to mature across Australia with many key players dominating this space, such as GURNER.
This project represents Sentinel’s first in Victoria, following the success of their Element 27 property in Perth. Completed in 2019, This was the first purpose-built Build to Rent development with Phase 1 now 100% occupied.
Phase 2 comes as Perth witnesses a tightening rental market.
Sentinel has over 1,000 Build to Rent units that are under various stages of development, with plans to expand this pipeline further with $1 billion of investment.
“We are seeing great potential in Melbourne’s housing market, with underlying drivers remaining strong we believe there are significant long-term growth opportunities in the city,” said Keith Lucas, Managing Director of Sentinel Fund Manager Australia.
“As people return to city-centres this year and with international borders now open there will be a new view on living situations.
“Our successful Build to Rent model will offer Melbournians flexibility as well as an unrivalled lifestyle and convenience in sought-after locations like West Melbourne.”
Keith Lucas, MD of Sentinel Fund Manager Australia
“Our new Build to Rent project on Roden Street will deliver premium rental apartments to the desirable and well-connected West Melbourne area.
“Residents can be part of a highly sustainable, community-focused and renter-oriented living experience, with our onsite building management team at their fingertips.”
Historic site and sustainable living
The 3,600sqm site in West Melbourne has a rich local history. It was the former home of Briscoe & Company Limited, one of the largest Victorian-era hardware firms in Australia. A new iron yard was built at the location in 1890.
The architecture of the development draws upon the heritage of the site by using brickwork and rendered masonry in the design.
Numerous sections of the historical façade are being retained and refurbished – including the original signage.
Following suit from Element 27, the new building design seeks to promote sustainable living and will also become a Carbon Neutral certified apartment building. Amenities will include 121 bicycle parking spaces, electric vehicle charging, embedded network metering and green power supply.