Construction is underway on two new Melbourne-based Build to Rent schemes – Indi Footscray and Indi Southbank – for Investa’s Build to Rent platform Indi. Totalling 1,136 units, the Investa launched brand will be working alongside investor and developer Oxford Properties on the latest schemes.
Situated adjacent to the Footscray train station and market, the Indi Footscray scheme will comprise of 702 units across three buildings and will offer a mix of one-, two- and three-bedroom apartments incorporating contemporary design and communal facilities that will cater to a broad mix of residents’ needs.
“There is an undersupply of institutionally owned and managed residential apartment rentals in Australia this, combined with strong demand drivers and fundamentals, positions the Build to Rent sector as a compelling investment opportunity. Investa, alongside Oxford, is a top five participant in the Build to rent sector and will continue to execute on its growth strategy by acquiring and developing quality Build to Rent assets that are complementary to the existing high-quality portfolio.”
Peter Menegazzo, CEO, Investa (Indi)
Indi Footscray will give residents access to a range of shared spaces including a rooftop barbecue and dining area, co-working spaces, a fitness centre, and a centrally located public piazza anchored by high quality cafes and restaurants – and incorporates high ESG design and operating standards.
The venture has partnered with Roberts Co as builder.
“Commencing on two significant Melbourne Build to Rent projects in a week is testament to Oxford’s conviction and intent in the Australian multifamily market. Building Indi into the preeminent Australian Build to Rent provider, with a target of approximately 5,000 units, represents one of Oxford’s highest conviction investment strategies that we continue to deploy substantial capital into. Together with Investa, we have assembled three high-quality projects and now have one of the highest number of units under construction in the Australian market. We are combining our capital and global Build to Rent experience to create new supply and improve housing choice for Australians.”
Alec Harper, Head of Australia, Oxford Properties
Adjacent to the Boyd Community Hub and nestled within the new Boyd Park, the Indi Southbank scheme will deliver 434 apartments, including 40 affordable rental homes earmarked for key workers.
“We are excited to mark these significant milestones at Indi’s two high quality Melbourne assets that once completed will elevate residents’ expectations of the apartment rental experience in Melbourne. Investa’s Build to Rent assets will enable residents to live in great places close to where they work, study and socialise and will provide residents with a superior way of renting and importantly, security and flexibility of tenure.”
Mark Tait, Head of Developments, Investa (Indi)
The Indi Southbank development will also provide access to residential amenities including an outdoor heated swimming pool, views of the CBD skyline, a full size gym and several multipurpose fitness room, games rooms, outdoor barbecue areas, co-working spaces and a podcast room.
Investa has partnered with PDG Corporation to deliver the asset on a fund through basis.
