Owned by industry superannuation fund Aware Super, Aware Real Estate announces the launch of a major housing development at Bourke Street in inner Sydney.
The Build to Rent scheme adds to the city’s supply of critically needed housing – and cements the group’s position as one of the largest Build to Rent developers in Australia.
“It’s no secret there’s a desperate need for more housing across Australia, and in Sydney that need is particularly acute. This development is a wonderful example of how Aware Super can and does play an important role in providing such crucial infrastructure at the same time as we aim to deliver strong risk-adjusted returns for our 1.1 million members.”
Deanne Stewart, Chief Executive, Aware Super
The scheme is located in Zetland – in the city’s inner south. With a construction value of around $80m, it will deliver 135 new homes – a mix of almost 80 two-bedroom apartments, with the remaining homes as one and three bedroom apartments.
Amenities include a gym, resident lounge, music room, rooftop barbecue area, and a communal open space on the ground level. The development is expected to complete by the end of 2025.
“We’re delighted to be adding Zetland to the list of communities where we provide Build to Rent housing.
“This site ticks every box for us. It’s a highly desirable location, a short walk from key transport services including Green Square Station, and it’s close to other important urban infrastructure and major employment hubs. Shops and other key amenities are also within easy walking distance, and it’s less than 5km from Sydney’s CBD and Sydney Airport.
“In short, it’s an ideal addition to our portfolio – a development that will prove popular with residents while offering excellent prospects for growth, helping us in our aim to deliver stable long-term returns for Aware Super members.”
Michelle McNally, Chief Executive, Aware Real Estate
The Zetland development is expected to focus on market rental accommodation, however any allocation of apartments to Aware Super’s Essential Worker Housing program will be decided closer to the completion of the development.
Investment manager Barings is playing a pivotal role as development manager at the Zetland scheme. Barings’ real estate investment management team is a long-running partner of Aware Super and Aware Real Estate, after Barings acquired Altis Property Partners in 2022.
“We have been working with Aware Super for over a decade and have a deep collaborative relationship. We are excited to be working with Aware Real Estate to support the delivery of quality Build to Rent residential apartments at Zetland and are determined to be part of Australia’s housing supply solution.”
Alastair Wright, Head of Asia Pacific Real Estate, Barings
The Bourke Street scheme in Zetland is the latest Build to Rent development in the Aware Real Estate portfolio, with more projects to follow at five sites in Sydney and Melbourne.
Aware Real Estate already has 10 sites in its residential housing portfolio across Sydney, Melbourne, Perth and Canberra. The portfolio – which has an active development pipeline of a further six projects, including the Zetland site – is expected to grow to over 1,200 apartments in the coming years.
With the national residential rental vacancy rate sliding to a record low last year, Build to Rent homes can play an important role in helping to address the shortage of rental housing in the capital cities.
“We’re seeing intense demand for housing that meets renters’ needs close to key transport links and employment nodes, and indeed, we’re committed to delivering just that as we grow our portfolio of quality apartments in locations supported by infrastructure, amenities and employment hubs such as schools, hospitals and universities.”
Michelle McNally, Chief Executive, Aware Real Estate
The launch of the Zetland project comes several months after Aware Real Estate acquired the finished Dickson Village Build to Rent development in Canberra. It was the first wholly owned Build to Rent site in the city.
Launched in 2022, Aware Real Estate expects to have a $7bn portfolio of assets within the next three years across the living, industrial, office and mixed-use sectors.
