- The Gladstone Street project will feature 700 residential along with amenities and retail space
- The project is the second Greystar build-to-rent project approved in Melbourne over the past year
- Will benefit from the state government's build-to-rent tax concessions
Global investor and developer of high-quality rental housing projects, Greystar Real Estate Partners, has today announced the appointment of Icon to its South Melbourne build-to-rent project.
The 15-85 Gladstone Street project in the Fisherman’s Bend precinct, which recently received planning approval, will consist of 700 residential apartments across three towers – housing up to 1,500 residents – and 850 sqm of retail space.
This will make it one of the largest purpose-built developments of its type in Australia. The announcement comes as many other developers are also making a scene in the sector, such as Gurner.
Sustainability and community connection
The offering has been designed by Scott Carver Architects, which will include over 4,300 sqm of indoor and outdoor communal space.
The development will be fossil fuel free and seeks to be powered by 100% renewable energy. It also has plans for a recycled water pipe network and electric vehicle charging points.
Greystar, which was incepted in 1993, is the largest build-to-rent player in the United States. The Gladstone Street project is its second development approval in Melbourne during the past twelve first, the first being its South Yarra project.
Greystar worked closely with the Department of Environment, Land, Water and Planning (DELWP), Fisherman’s Bend Taskforce and City of Port Philip to secure approval which meant various changes to its original permit submission.
Notably, the project benefits from the Victorian government’s build-to-rent land tax concessions, which are designed to make housing more affordable by increasing rental property supply in inner and middle-ring suburbs.
Greystar Australia Managing Director, Chris Key, said the developer intends to work with Icon to create the next generation of build-to-rent properties by focusing on strategic locations.
“Gladstone Street is an exciting addition to our development pipeline in Australia and advances our efforts to make a significant contribution to diversity of choice in housing supply,” he said.
“Our vision for the precinct revolves around the scale and rich variety of amenities on offer, which includes wellness and co-working spaces, pet amenities, and sophisticated resident lounges.
Chris Key, Greystar
“It is an exciting time in the Build to Rent space in Australia and we look forward to partnering with Icon on a project which takes renting to the next level.”
Icon CEO and Managing Director, Evan Byrne, added the team is excited to be working alongside Greystar.
“In what is set to be one of the largest of its kind in Australia, the development will comprise three towers and a six-storey podium, including 700 apartments, ground-floor retail tenancies and 4,300 sqm of residential amenities.
“The scale of this project, and the opportunity to work with an experienced operator such as Greystar is particularly appealing for our team.
Evan Byrne, Icon CEO and Managing Director
“The project will create an inspiring space that provides opportunity for community connection – and brings an entirely new way of living to South Melbourne.”
