Melbourne-headquartered Build to Rent investor backed by Macquarie Asset Management – Local – has signed off a deal for the Smith Collective Build to Rent development in Southport.
The latest agreement ensures that Local is now Australia’s biggest Build to Rent provider. It has been signed alongside Grocon and UBS, on behalf of and acting for the Abu Dhabi Investment Corporation.
Originally developed as part of the Commonwealth Games Athlete’s village in 2018, the deal at Smith Collective comprises 1,252 apartments across 19 towers.
Located in Southport, around two miles north of Surfers Paradise on the Gold Coast, the value of the scheme at the seven-hectare site is thought to be worth approximately AUS $620m.
Local currently manages 1,291 Build to Rent units with another 814 being developed. It is led by ex-Grocon executives Matt Berg and Dan McLennan.
