Global real estate investor, developer and manager – Greystar Real Estate Partners, LLC (Greystar) – continues to build scale in the Melbourne Build to Rent market with the acquisitions of 155 Johnston Street, Fitzroy and 352–400 Macaulay Road, Kensington.
Greystar’s latest acquisition in the heart of Fitzroy will see it develop the 2,556 sqm site into a residential building designed to offer an elevated experience for future residents. Located two kilometres from the Melbourne central business district, Fitzroy offers access to the neighbourhoods of Brunswick Street and Smith Street. In collaboration with the Yarra City Council, the Greystar team will look to progress this project through town planning in the coming months.
“This was a rare opportunity to secure a site suitable for Build to Rent in the heart of Fitzroy. It is a highly sought-after neighbourhood for many reasons and until now has remained untapped by the Build to Rent market. It is undoubtedly a suburb that is full of some of the city’s best retail stores, galleries, bars, pubs, restaurants and cafés – and we look forward to being able to extend the lifestyle options in the area with an exciting rental proposition for future residents.”
Chris Key, Managing Director (Australia), Greystar
Earlier this year, Greystar exchanged contracts for another Melbourne property at 352–400 Macaulay Road in Kensington, with a proposal to develop over 400 Build to Rent units with a forecast end value of over $350m. Greystar’s new development is situated within the City of Melbourne’s ‘Macaulay Urban Renewal Area’, which intends to transform the precinct from a predominantly industrial area to a mixed-use neighbourhood. Kensington is near two train stations and Arden Station, which forms part of the Melbourne Metro project.
“Similarly, we are hoping to make an impact to housing diversification and choice in Kensington via our Macaulay Road project. Working closely with our neighbours in the precinct, we are striving to optimise the interface between our properties to create excellence in placemaking and deliver over 400 residential apartments that are thoughtfully interwoven into the local area. These latest acquisitions add projects in two key target sub-markets and grow our existing portfolio as we continue to deploy our BTR strategy across Australia’s major cities.”
Chris Key, Managing Director (Australia), Greystar
The latest acquisitions add to Greystar’s existing pipeline in Melbourne, with approximately 2,000 Build to Rent units set to be delivered across four projects, with the aim of providing greater security of tenure for residents and increasing the supply and diversity of rental properties in key inner-ring suburbs.
