Oxford portfolio company Investa launches a new Build to Rent management platform, Indi, in conjunction with Oxford Properties, with the aim of providing Australians with a different type of renting. Indi intends to develop a prime portfolio of 5,000 apartments and become the preeminent Build to Rent platform in Australia, providing residents with an alternative to the private rental market. Indi will provide investment, development, and property management services to Oxford Properties’ portfolio of Australian Build to Rent assets.
With a focus on Sydney and Melbourne, each Indi project will provide a different offering with apartments, tailored amenities, and a dedicated 24-hour on-site service team. Located close to major transport links and public amenities, each project will comprise between 250 to 1,000 apartments to create community-oriented living.
Indi already has over 900 apartments in its pipeline at two development sites. The first site on Pitt Street, Sydney, comprises 234 apartments and is part of the Sydney Metro’s new Pitt Street over-station development, due for completion in September 2023. The second project of 702 apartments is in the inner western suburb of Footscray, 15 minutes from the Melbourne central business district, due for completion in Q2 2024. The developments will include amenities such as co-working spaces, pools, gyms, cinemas, wellness facilities, landscaped gardens and kids’ play areas.
“Our apartments will be purpose-built for rental and will incorporate contemporary design, high-quality finishes and flexible floorplans to meet a broad spectrum of residents’ needs. We have incorporated ‘Rent Different’ into our operating principles, as we are committed to delivering this at every touch point of a resident’s journey with us.
“Our residents will enjoy security of tenure through long leases of up to three years, a proactive maintenance program, pet-friendly policies, the ability to personalise apartments and sustainable design and operations.”
Sally Franklin, Group Executive, Real Estate Services and Business Operations, Investa
Indi’s vision is to deliver a better rental experience for Australians and create a positive, new dynamic between renter and owner. Indi aims to appeal to the growing market of long-term renters in Australia’s two largest cities who are seeking a personalised, community-oriented living experience. The Indi name was chosen to reflect the key focus areas of the brand: freedom, personalisation and community.
“We are excited to progress Oxford Properties’ Build to Rent investment strategy in the nascent and highly sought after institutionally owned and managed Australian residential rental sector. Supported by strong macroeconomic tailwinds, continued population growth across younger renting cohorts, record high housing affordability constraints and a structural undersupply of high-quality and professionally managed residential product, the potential of the sector is high. Investa’s local market expertise and best-in-class, integrated management platform, combined with Oxford Properties’ unparalleled global track record in the sector, will support our success.”
James Greener, Fund Manager, Build to Rent, Investa
Australia’s Build to Rent industry represents an opportunity for institutional investors. In the US and UK, this growing asset class represents 12% and 2% of the existing housing stock. If just 1% of Australia’s current housing stock transitioned to Build to Rent, it represents a A$74bn opportunity.
“There is a deep need and desire among renters for high-quality, professionally managed apartments. Indi provides us with an opportunity to move the status quo of the current landlord and tenant dynamic in Australia, replacing it with one where the owner is focused on service and providing an exceptional experience for residents. Together with Investa, we will use our global Build to Rent experience to create thousands of new homes for Australians and turn Indi into the preeminent Build to Rent provider in Australia.”
Alec Harper, Oxford Properties, Head of Australia
Oxford Properties currently owns and operates a portfolio of almost 10,000 apartments across North America, with a development pipeline of approximately 15,000 units. It is a co-owner of Get Living, a leading UK Build to Rent platform that owns approximately 3,000 operational units, with a pipeline of a further 5,000 units.
