Investment, development and management company Greystar Real Estate Partners, LLC, and Malaysian property developer UEM Sunrise Berhad have partnered to develop Hoddle Street, a Build to Rent project in Collingwood. This is the first Build to Rent project in the inner-Melbourne suburb, which is worth approximately A$277m.
The partnership have reached an agreement that will see Greystar as the investor and eventual owner-operator of the proposed 21-53 Hoddle Street Build to Rent development via a fund-through structure and UEM Sunrise will act as the developer and delivery partner.
“Moving into Melbourne’s burgeoning BTR market marks a new chapter for UEM Sunrise, as we continue our active expansion in the Australian market. Melbourne has just become Australia’s most populated city, which has made it the right place for UEM Sunrise to invest in the asset class.”
Sufian Abdullah, Chief Executive Officer, UEM Sunrise
Planning is expected to be submitted in July 2023. Subject to approval, the scheme will deliver approximately 400 apartments – a mix of studios, one-, two- and three-bedroom apartments across two buildings, suitable for multi-generational living.
The proposed development will also include extensive facilities and services for residents including a swimming pool, gym, cinema, wellness and entertainment spaces, bike parking, electric vehicle charging stations, concierge and co-working spaces.
if approved, construction at the Hoddle Street development is anticipated to start in mid-late 2024 and take approximately three years to complete.
“Greystar is delighted to secure our fifth Build to Rent project in Melbourne and to be partnering with UEM Sunrise to deliver this exciting project in the heart of Collingwood. We are committed to making a meaningful contribution to the creation of new rental housing supply in Australia’s capital cities at a time when it is critically needed.
“The project builds on our strategy to provide a greater choice of quality accommodation for renters and importantly, as long-term owners and operators, to be able to provide a housing choice that offers a greater security of tenure for our residents. Our proposed Collingwood development will set a new standard of residential amenities, service and experience in this vibrant inner Melbourne neighbourhood.”
Chris Key, Managing Director (MD) Australia, Greystar
In line with Greystar and UEM Sunrise’s commitment to sustainability and creating communities, extensive new green space and landscaped areas will be delivered across the 5,390 sqm site.
Designs by architectural firm Cox Architecture has been selected for the proposed Hoddle Street scheme, following a design competition amongst four of Australia’s top architecture practices.
“We are delighted to partner with Greystar on this exciting project that will not only deliver much-needed homes for Melburnians, but reinvigorate a truly unique site in Collingwood’s vibrant east end. Greystar is an internationally renowned expert in Build to Rent living, so we’re confident in our combined expertise to deliver a high-quality product for our first Build to Rent project in Australia.”
Chee Wei Ong, Director, Australia, UEM Sunrise
The buildings will feature stepped-form and articulated facades that aim to capture the essence of Collingwood’s inner-urban vitality.
Hoddle Street is also set to rejuvenate Collingwood’s east end, with a proposal for a vibrant public town square at the heart of the site featuring food and beverage options, shops, essential services and greenery.
New pedestrian throughfare links will also improve connectivity and permeability between Hoddle, Langridge and Islingston Streets.
