Law firm Allens has advised Malaysian property developer UEM Sunrise Berhad on the sale and development of the Hoddle Street site in Collingwood for the area’s first Build to Rent development.
Valued at approximately $277m, the scheme will be the first Build to Rent development in inner Melbourne’s Collingwood. UEM will sell the property to Greystar and will be appointed developer and delivery partner.
The Hoddle Street Build to Rent scheme will deliver approximately 400 apartments across two buildings, and includes a mix of studios, one-, two- and three-bedroom apartments.
It will include a vibrant town square featuring dining, retail and essential services, as well as extensive green space. In line with Greystar and UEM Sunrise’s commitment to sustainability and creating communities, the new green space and landscaped areas will be delivered across the 5,390 sqm site.
“We continue to see Build to Rent come into its own as an asset class off the back of tax reforms and as an important lever in Australia’s housing affordability crisis. Congratulations to UEM and Greystar on the launch of this exciting project, which will provide important additional housing options and urban renewal in Melbourne’s inner north.”
Tim Chislett, Lead Partner, Allens
Allens has a large Build to Rent presence, having advised on some of the most significant projects and fund establishments to date in the sector, including the first Build to Rent fund-through arrangement for Mirvac’s Queen Victoria Market project.
The company also had involvement in the establishment of the Greystar Australian Multifamily Vehicle and Australia’s largest Build to Rent transaction – Mirvac’s $1.8bn Build to Rent fund.
