Local has announced its latest Build to Rent development at 65 Haig Street in Southbank, Melbourne, which carries a completed value of $270m.
The 39-storey building will deliver 312 apartments. Specifically targeting Melbourne’s undersupplied rental market, 74% of apartments are configured as studios and one-bedroom units tailored to singles and couples. Construction is scheduled to start in Q3 2025, with completion targeted for late 2027.
The project stands out through extensive resident amenities spanning approximately 1,250 internal sqm, including co-working spaces, health and wellness facilities, an indoor heated pool, sauna and steam rooms, a fully equipped gym, rooftop lounge, private dining area, entertainment spaces and dedicated pet facilities.
“Local is thrilled to add this prime Melbourne development to our growing portfolio. This project will continue Local’s goal of delivering much needed housing, that improves rental landscape for Australians and spurs the kind of institutional Investment that the recent MIT legislative changes seeks to encourage.
Chris Axsentieff, Head of Investments, Local
The design emphasises sustainability and attainability, with strategic considerations such as no car parking to reduce building costs and a footprint and to align with urban living preferences.
Strategically positioned on the edge of the CBD, the Build to Rent development offers unparalleled convenience, situated just 200m from trams and a 500m walk to South Melbourne Market, while benefiting from uninterrupted views of Port Phillip Bay.
Residents can worry less about time wasted in local commutes, carbon emissions, and their daily energy consumption by taking advantage of the short walk to Melbourne’s CBD.
“The addition of this core Melbourne asset to our portfolio responds to the significant undersupply of suitable housing across Melbourne, delivering right-sized housing in greater locations to renters who want quality housing and access to retail, transport, employment, shopping, and all that Melbourne has to offer.”
Chris Axsentieff, Head of Investments, Local
Following the recent announcement of MIT legislative changes, Local’s Haig Street project is expected to attract increased investor attention as international appetite for the sector grows.
As a B-Corp, Local continues to innovate with its sustainable foundations. Local’s choice of location creates an efficient development to create renting more affordable and a better renter value proposition.
Local continues to demonstrate its agility in identifying and unlocking quality development opportunities across Australia, reinforcing its commitment to innovative and sustainable residential solutions.
The Haig Street scheme marks a pivotal expansion of Local’s national portfolio and propels its total asset pipeline beyond $1.34bn.
