Build to Rent developer and operator Greystar has broken ground at its fourth Build to Rent development in Victoria – a new $360m scheme in Melbourne’s inner-city suburb of Kensington.
The Kensington scheme will comprise 443 apartments across a seven-level 9,555 sqm precinct. Amenities include co-working suites, private dining rooms, a library to outdoor plunge pools, a pet spa and a gym with yoga and pilates studios.
Like all Haiku properties, the new Kensington community will be professionally managed by a dedicated on-site team. The building will have a variety of sustainable features including rooftop solar and a targeted 5-star Green Star rating, with all apartments and amenities to be powered by 100% offsite renewable energy.
“Drawing on our deep local and global expertise, Greystar is curating the amenity and design to suit the needs of renters and the local community of Kensington.
“As with all Haiku properties, we’re designing our Kensington development with our residents in mind, to create a unique living experience defined by connection, community and convenience, all while keeping rents competitive.”
Matt Woodland, Managing Director, Greystar Australia
This development will introduce a new standard of high-quality rental housing options to a city with a very tight rental market, with vacancy rates across Melbourne remaining under 1.5%.
The development highlights the rapid expansion of Greystar’s Australian Build to Rent brand Haiku – which launched in June this year – and aims to deliver a new standard of rental living across Australia.
City of Melbourne Lord Mayor, Nicholas Reece, joined the two companies to mark the commencement of the new Build to Rent development.
“The City of Melbourne is growing at a rapid pace. We need more homes and a better mix of housing types in the right locations – this new Greystar project delivers just that. Melbourne is the capital of Build to Rent development in Australia and this project is going to be a great addition to this portfolio.
“Kensington is a key urban renewal precinct for Melbourne with great access to public transport, green open spaces, a bustling high street and a cool culinary scene – not to mention the amazing new Kensington Community Aquatic and Recreation Centre opening soon. This exciting project will deliver high quality and accessible new homes in this brilliant location – it is a win-win for Greystar and the City of Melbourne.”
Nicholas Reece, Lord Mayor, City of Melbourne
Kensington is quickly becoming one of Melbourne’s most sought-after suburbs for renters with a low rental vacancy rate of 1.02%. Known for its family-friendly community and convenient location, the area provides a perfect blend of city life, green spaces, and local amenities.
Greystar has appointed Melbourne-based construction company Kapitol as its building partner for the Kensington development. The scheme marks Kapitol’s largest residential scheme to date.
The company will apply its digital engineering expertise to the construction, aiming to maximise efficiency and precision throughout the build. One key innovation is the use of prefabricated bathroom pods, manufactured off-site to exacting quality standards and installed in a single day.
“Build to Rent is reshaping Australia’s housing market, and projects like Greystar’s demand speed, precision and innovation at every step. At Kapitol, we believe doing it right the first time is the quickest way.
“This includes fully modelling the development in 3D and constant updates and coordination across trades, enabling Kapitol to identify and resolve potential issues before they occur on site.”
Andrew Deveson, Co-Founder and Director, Kapitol
In the past year, Greystar has launched three Haiku properties across Melbourne, delivering over 1,300 new rental homes, with 600 more homes in the Australian pipeline. Greystar’s portfolio of four properties represents a combined investment of approximately $1.56bn.
Greystar is currently leasing homes across its three Haiku properties, including Haiku Gladstone in South Melbourne, and Haiku Yarra and Haiku Claremont in South Yarra.
