Property investment platform Aware Real Estate – who are owned by industry superannuation fund Aware Super – has announced that it will add over 700 new homes to Melbourne’s housing market across two major Build to Rent developments in the inner and northern suburbs.
With a construction value of $320m, the developments at Queens Road in Melbourne’s inner south and Preston in the city’s north will deliver 726 homes, taking Aware Real Estate’s Melbourne portfolio to over 930 across four sites.
Earmarked to provide entirely Build to Rent housing, construction is now underway at both developments. The Preston scheme is expected to complete in early 2026, and the Queens Road scheme in mid-2026.
“Melbourne is the undisputed Build to Rent capital of Australia thanks to our leading reforms and we’ll continue to pull every lever we can to enable 800,000 homes of all kinds to be built over the next decade. We know we need more homes built where people want to live and that’s exactly what Aware Real Estate are delivering – building hundreds of rental homes close to jobs, transport, schools and essential services.”
Sonya Kilkenny, Victorian Minister for Planning
The Queens Road development, overlooking Albert Park, will deliver 434 apartments. Amenities will include a gym, swimming pool, spa and sauna, resident lounge/co-working space, a landscaped central courtyard and rooftop terrace, both with BBQ facilities, and electric vehicle charging facilities. The scheme has a projected construction cost of $200m.
Under 4km from the CBD, the Queens Road scheme is a short walk from The Alfred hospital and the forthcoming Anzac Station, part of the Metro Tunnel rail project due to open next year.
“This is a city crying out for more housing and we’re answering the call. Our projects are in areas of strong demand, supported by important infrastructure, key transport links and sought-after amenities. At all our sites we aim to foster connected communities, attracting a broad range of residents to create great places for people to live, and these developments will be no exception.
“Across Sydney, Melbourne, Perth and Canberra, we already have 10 operational sites in our residential portfolio and that number will keep growing. Along with the Preston and Queens Road developments and our recently launched project at Zetland in inner Sydney, we have another two sites in planning, and we expect to have more than 2,000 Build to Rent apartments in the national portfolio within five years.”
Michelle McNally, Chief Executive, Aware Real Estate
The Preston scheme will deliver 285 apartments, together with seven townhouses. Amenities will include a gym, co-working space, resident lounge, landscaped central courtyard, rooftop terrace with BBQ facilities and electric vehicle charging facilities. The project has a projected construction value of $120m.
Located under 8km from the CBD and the Northland shopping centre, the Preston project site is also a short walk from Thornbury Station and on the Plenty Road tramline.
“Melbourne is one of Australia’s great population magnets, and indeed, Greater Melbourne is on track to be Australia’s largest city inside a decade – home to more than six million people. Housing is at the very core of the community’s needs and while no one investor can single-handedly deliver the number of homes Melbourne will require over the coming decade, we’re pleased we can be part of the solution with investments that fit squarely with our objective of delivering strong long-term returns for our members. An added benefit is that these projects have such a positive impact on the Victorian community we serve.”
Deanne Stewart, Chief Executive, Aware Super
The launch of both developments come as Melbourne’s rental vacancy rate sits at a record low, below 1%, with a surge in migration fuelling intense demand.
Barings’ real estate investment management team – a long-running partner of Aware Super and Aware Real Estate after Barings acquired Altis Property Partners in 2022 – has a key role at both sites as development manager.
Alastair Wright, Head of Asia Pacific Real Estate, Barings
“We’re delighted to be supporting Aware Real Estate in delivering these major new residential projects. Our relationship with Aware Super goes back more than a decade, and we’ll take great pride in continuing that association as we help bring quality new apartments to Melbourne.”
