Pembroke has announced the acquisition of a Build to Rent development site at 155 Johnston Street in Fitzroy, Melbourne. Pembroke has partnered with Build to Rent developer Greystar to deliver the scheme.
The acquisition of the 2,600 sq m site aligns with Pembroke’s global diversification strategy to grow its portfolio of residential, mixed-use, and office properties in key cities worldwide.
“Addressing a chronic shortage of housing is high on the Australian Government’s agenda, and the Build to Rent market in particular offers huge opportunity for us at Pembroke as we double down on our global diversification strategy.
“As global city specialists, Pembroke has a proven track record of delivering thoughtfully developed, high-quality, urban properties, and we’re thrilled to bring this expertise to the Australian residential sector.
“Strategically this acquisition establishes a strong foothold for Pembroke in the Australian Build to Rent market.
“At Pembroke we understand that people are choosing to live and work in amenity-rich environments.
“The success of the T&G Building and 20 Martin Place in Australia are testament to how we deliver world-class amenity and an exceptional tenant experience, and we’re looking forward to applying our city-focused expertise to the residential sector.”
Joe Fitzpatrick, Regional Director for Australia, Pembroke
Pembroke is progressing plans on an approved development application which comprises over 200 units across 11 levels. Amenities include a garden courtyard, co-working spaces, a gym, bike storage, and basement parking.
155 Johnston Street is located less than two kilometres from the CBD and near its T&G Building on Collins Street.
“The demand for high quality residential properties in the world’s leading cities continues to rise.
“We are well positioned to respond to help meet this demand in Australia and globally, leveraging our strong capital base which enables us to close deals all cash and finance opportunistically later.
“We have a strong appetite for more residential development opportunities and are focused on the US, Europe and Asia Pacific, specifically in Seattle, Washington DC, Boston, London, Munich, Hamburg, Tokyo, Sydney and Melbourne.”
Jack Clark, Senior Vice President and Head of Investments, Pembroke
Fitzroy is known for its unique cultural and social offerings and is a popular destination for professionals and visitors alike due to its arts scene and abundance of bars and restaurants, organic bakeries and designer boutiques.
This acquisition in Melbourne follows two other recent Build to Rent development by Pembroke: The Lark in London, which comprises 195 Build to Rent homes including affordable housing, and the Fitzroy located just outside Washington DC, which comprises 267 Build to Rent units – both of which are at 95% and 96% occupancy respectively.
“There is an urgent need for attainable and high-quality housing options in Australia, particularly in the city of Melbourne.
“As one of the world’s largest estate companies with deep expertise in property development and management, we are excited to deliver this project for Pembroke, which will bring more housing supply that offers the lifestyle and service experience that Australia renters want and need right now.”
Matt Woodland, Managing Director for Australia, Greystar
