Sentinel Fund Manager Australia (Sentinel Australia), the Australian arm of leading American development and real estate investment management firm Sentinel Real Estate, has launched The Briscoe by Kinleaf – a Build to Rent development in West Melbourne.
Sentinel’s President and Director of Sentinel Fund Manager Australia, Michael Streicker, was joined by Melbourne’s Acting Lord Mayor, Councillor Nicholas Reece, and its investment partner for the project, Federated Hermes, to mark the opening of the sustainable development and recognise Victoria’s growing Build to Rent housing sector.
The Briscoe by Kinleaf includes 172 sustainable one-, two- and three- bedroom Build to Rent apartments across seven floors. It is professionally managed under Sentinel’s dedicated Australian property management platform Kinleaf, with management, leasing and maintenance staff located on-site.
Two retail tenancies with frontages to Adderley Street are located on the ground floor level of The Briscoe by Kinleaf and are currently open to expressions of interest.
The scheme is situated a 15-minute walk from the Melbourne CBD and a short distance from North Melbourne train station and the planned Hawke Street green spine, which will provide easy walking and cycling access to surrounding areas. The development is also a four-minute walk from an Aldi supermarket on Spencer Street, a 15-minute walk to the Queen Victoria Markets, and is nearby to Melbourne’s Biomedical Precinct and the University of Melbourne.
“The Briscoe has delivered a boost of high-quality rental supply to Melbourne’s housing market at a critical time. It is evident that housing needs and preferences are evolving across Australia and The Briscoe is a great example of how a well-designed Build to Rent product with an experienced operator can fulfil some of the growing demand for housing and offer greater housing choice.
“Sentinel has owned and managed rental housing on a global stage for more than 50 years and we take great pride in bringing our experience to the local market to create positive outcomes for our residents, investors, and the communities in which we operate. We look forward to growing our Kinleaf resident community at The Briscoe and at future locations across the country, including in North Melbourne’s expanding Biomedical Precinct where we are currently in planning to deliver another high-quality Build to Rent asset.”
Michael Streicker, President, Sentinel
Pet-friendly and featuring residential amenities such as a resident lounge, fitness centre, rooftop lounge with views across the Melbourne skyline and business centre, The Briscoe by Kinleaf draws inspiration from its former use as an iron yard owned by one of Australia’s largest Victorian-era hardware firms, Briscoe & Company Limited.
Sections of the of the building’s heritage façade and art deco signage have been restored throughout the construction process, with original brickwork from the façade also featured inside the completed building.
“In partnership with Sentinel, we are proud to expand our portfolio of residential communities in Australia with the launch of The Briscoe, a pioneering Build to Rent development which adds much needed rental housing to the Melbourne market. We were able to draw on our extensive experience of delivering to let residential properties in the UK to support the development of The Briscoe, ensuring it embodies Federated Hermes’ Responsible Property Investment agenda and is aligned with our Net Zero Carbon Pathway.”
Will Gibby, Fund Director, Global Real Estate, Federated Hermes
Apartments at The Briscoe by Kinleaf contain a full suite of premium energy-efficient appliances, carbon neutral benchtops and flooring, floor-to-ceiling windows, and a variety of apartment layouts to suit different household needs and preferences.
Reflected by Sentinel Australia’s previous Build to Rent properties, the scheme is pursuing carbon neutral certification and is registered for a 5-Star Green Star rating from the Green Building Council of Australia. The building is fully electric and is targeting a minimum 7.5 Star NatHERS Rating.
“As Australia’s largest capital city, it’s essential Melbourne keeps up with demand for attractive Build to Rent offerings, and The Briscoe is doing just that. With premium apartments and amenities like a fitness centre and rooftop lounge, all just a stone’s throw from the Melbourne CBD, there’s no doubt that The Briscoe will be a valuable addition to West Melbourne.”
Nicholas Reece, Acting Lord Mayor, Melbourne
Sentinel Australia’s Kinleaf management, leasing, and maintenance staff are located on-site to provide an enhanced rental experience for resident. This includes a streamlined leasing process, 24/7 maintenance services and an ongoing program of curated resident events.
“It has been a privilege collaborating with experienced industry professionals at Sentinel to bring The Briscoe to life. Taking the rich heritage of the site and re-interpreting it to create a contemporary, aspirational residential project has been a challenging and rewarding process. The Briscoe is a market leading project and will be a cherished home to many over the years to come.”
Nigel Hobart, Managing Principal, Rothelowman
The development is the fund manager’s third operational Build to Rent development in Australia. It follows the success of The Elements by Kinleaf scheme in Western Australia, which was the very first operational and stabilised institutional Build to Rent project in the country – and is fully leased across its two completed phases.
The fund manager currently has over 1,600 Build to Rent units in operation or under various stages of development nationally, with plans to grow its pipeline to 5,000 units over the next five years.
According to recent data from EY’s Australian Build to Rent Sector Update, the current size of Australia’s institutional Build to Rent market is estimated to be A$21.71bn, with only 17 projects operating so far across the country. The Briscoe by Kinleaf is the first of 9,380 Build to Rent units expected to become available to Australia renters in 2024, and there are estimated to be 75 Build to Rent projects in construction or in planning nationally.
In 2023, the National Housing Finance and Investment Corporation (now renamed as Housing Australia) forecasted in its ‘State of the Nation’s Housing’ report that Australia is facing a national housing deficit of approximately 175,000 homes by 2027, with around 59% of the shortfall expected in the unit market.
