Build to Rent investment manager apt.Residential has purchased multi-storey commercial buildings in Ultimo for $55m with plans to convert the buildings to a Build to Rent development.
Situated at 1-3 Smail St, the site comprises two separate historical brick buildings originally built in the early 1900s. It was subsequently amalgamated by Grace Brothers Ltd in 1949 and used for storage and warehousing purposes.
Currently, the Sydney buildings are let to commercial tenants and have a net lettable area of 7,796sqm. apt.Residential’s Matt Carolan stated that the company will now start work on a development plan for the building that would honour the buildings’ heritage, while also maximising liveability for future residents.
“The building’s heritage value to Ultimo and Sydney is important. By maintaining and restoring certain design elements, the site’s history will be celebrated in our development application.
“The Smail Street site is close to Broadway Shopping Centre and within walking distance of Central Station, the city and two major universities. We think it is a prime location for high quality rental apartments and studios.
“Through our projects, we are aiming to deliver a positive contribution to Australia’s housing shortage, with a goal of creating over 2,500 rental apartments.”
Matt Carolan, Managing Director, apt.Residential
In May 2024, the company announced a $1.5bn in investment from Dutch pension fund PGGM. apt.Residential’s first Sydney scheme is the $280m mixed-use Build to Rent development in Meadowbank comprising a range of 291 studio, one-, two- and three-bedroom apartments over four low-rise buildings.
The Meadowbank development will feature a retail and community precinct and provide much-needed supply to Sydney’s tight rental market.
apt.Residential’s team has extensive experience in the Australian, UK and Southeast Asian residential markets and a substantial living sector track record across Build to Rent, purpose-built student accommodation (PBSA) and institutional banking.
