Global real estate firm Hines announces its third Build to Rent acquisition in less than nine months in Australia, located in South Melbourne. 15–33 Bank Street and 35–37 Bank Street will deliver approximately 400 new Build to Rent units.
Residents will be two kilometres away from the city’s central business district (CBD) and within walking distance of the Royal Botanic Gardens, Yarra River and South Melbourne Market, as well as the university and education precincts. Already serviced by transportation, this acquisition will be further enhanced with the expected 2025 opening of the ANZAC metro station, providing direct access to the central business district and beyond.
This development acquisition reflects Hines’ commitment to increasing its scale within the Australian Build to Rent market. Prior acquisitions include 10 Ballarat Street, Brunswick, and 36–58 Macauley Road, North Melbourne.
“Australian Build to Rent is a key strategic growth market for our firm and investors. Our global expertise, coupled with local track record, in residential and Build to Rent development, operations and investment management, has allowed us to secure a portfolio of over 850 Build to Rent units with an end value of approximately A$820m.”
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 285 cities across 28 countries.
The company oversees investment assets under management valued at approximately $90.3bn. Hines also provides third-party property-level services to 373 properties totalling 114.2 million sq ft. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totalling over 511 million sq ft.
The firm currently has over 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organisations in the world.
“We will continue to seek high-quality assets in key strategic cities with strong fundamentals to provide outsize rental growth, such as Sydney, Melbourne, Brisbane and Canberra. We believe this project is well positioned to benefit from the return of population and jobs growth in Melbourne and the shortage of quality rental housing in this location.”
David Warneford, Senior Managing Director, Hines Australia
