- Greystar has announced the aquisition of two Melbourne sites
- Both are to be developed into build-to-rent complexes
- The latest aquisition announcment comes just two weeks after ground was broken on a $500M build-to-rent project in Melbourne.
International real estate developer, Greystar, is further expanding its reach in the Melbourne build-to-rent market with the acquisition of two new sites, both to be developed into build-to-rent complexes.
The United States-based company announced the purchase of a 2,556sqm site in Melbourne’s Fitzroy, just two weeks after breaking ground on a $500 million build-to-rent project in South Melbourne.
While the details of the Fitzroy development are not yet clear, Greystar will work in collaboration with the Yarra City Council to progress this project through town planning in the coming months
Greystar’s Managing Director for Australia, Chris Key, highlights that the purchase was “…a rare opportunity to secure a site suitable for build to rent in the heart of Fitzroy.”
“[Fitzroy] is a highly sought-after neighbourhood for many reasons and until now has remained untapped by the build to rent market.”
Chris Key, Greystar Managing Director – Australia
“It is undoubtedly a suburb that is full of some of the city’s best retail stores, galleries, bars, pubs, restaurants, and cafés – and we look forward to being able to extend the lifestyle options in the area with an exciting rental proposition for future residents,” Mr Key said.
The Fitzroy purchase follows the acquisition of another Melbourne property at 352-400 Macaulay Road in Kensington. This site is to be developed into 400 build to rent residential units with a forecast end value of more than $350 million.
Greystar’s new development is situated within the City of Melbourne’s ‘Macaulay Urban Renewal Area’ which intends to transform the precinct from a predominantly industrial area to a thriving mixed-use neighbourhood.
“Demand for high-quality rental housing in inner urban areas continues to grow as vacancy rates across the Australia’s capital cities reach record lows.”
Melbourne Residential Vaccancy Rates
Mr Key explains that these latest aquisitions add to the existing pipeline in Melbourne, with approximately 2,000 build to rent units set to be delivered across four projects. My Key hopes that this will provide “…greater security of tenure for residents and increasing the supply and diversity of rental properties in key inner-ring suburbs,” Mr Key said.
