Global real estate firm Hines announces plans for its second Build to Rent development in Australia – 36–58 Macaulay Road in North Melbourne. JLL and Colliers handled the transaction.
36–58 Macaulay will deliver over 220 Build to Rent units. Residents will be near the central business district, North Melbourne Recreation Reserve, Gardiner Reserve and retail and entertainment amenities.
Following on from Hines’ first acquisition – 10 Ballarat Street, Brunswick – 36–58 Macaulay reflects Hines’ strategy to increase its scale within the Australian Build to Rent market. Hines continues to seek projects that capitalise on their international knowledge and track record in the Build to Rent sector, with the aim of providing tenants with a world-class living experience.
“We are very excited to continue to expand our efforts in the Build to Rent space with our second project in Australia. Hines has deep global expertise in residential and Build to Rent development, operations and investment management, with substantial platforms in the US and Europe. Our expertise coupled with the local track record of Sam Bisla, our Head of Living for Hines Australia, will continue to allow Hines to excel in this area and set a new standard of living in this continent.”
David Warneford, Senior Managing Director and Country Head of Australia, Hines
This project represents Sam Bisla’s second acquisition since joining Hines as the new Head of Living in the second half of 2021.
“Australian Build to Rent is a key strategic market for growth for our firm and investors globally; therefore, we are thrilled to be growing our platform in the region. 36–58 Macaulay will deliver one of the highest-quality Build to Rent projects in one of Melbourne’s most attractive residential locations, and with Hines’ global commitment to the best ESG practices, this project will place a strong emphasis on creating enduring spaces committed to the highest standards.”
Sam Bisla, Head of Living (Australia), Hines
Founded in 1957, Hines is a privately owned global real estate investment firm 1957 with a presence in 255 cities across 27 countries. The company oversees investment assets under management valued at approximately $83.6bn. Hines also provides third-party property-level services to 367 properties totalling 138.3 million sq ft. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totalling over 492 million sq ft. The firm currently has over 171 developments underway around the world.
“Melbourne’s residential affordability issues are well documented and sites capable of accommodating more than 200 units in key affluent residential pockets are rare, so it’s no surprise that sophisticated groups like Hines are actively seeking to acquire well-located, inner-city landholdings like this for Build to Rent projects.”
Josh Rutman, Executive Director of Capital Markets (Victoria), JLL
