Property consultancy Knight Frank has announced that the Moir Road Estate development in Tasmania is nearing completion, with a leasing campaign following shortly after. It will be Tasmania’s largest Build to Rent scheme.
Moir Road Estate is situated at 39 Moir Road in Kingston. It includes 51 townhouses, offering three four-bedroom townhouses, 34 three-bedroom townhouses and 14 two-bedroom townhouses. Each property offers off-street parking, while garages, studies and secondary bathrooms are available in the various property types.
“This project is a great indication of the confidence local developers have in the Tasmanian residential market. It’s also a welcomed injection of dwellings into our sought-after housing market. Tasmania, like everywhere around Australia, has been experiencing a shortage of homes, and Moir Road Estate will help to deliver more much-needed housing. We expect strong demand for these homes, with renters drawn to a high-quality product in a great location.”
Robbie Yeoland, Residential Property Management Head, Knight Frank
Located in the heart of Kingston, the development is within walking distance of Kingston Town and Channel Court shopping centres, local shops, schools, and other amenities. The scheme has easy access to the Southern Outlet, connecting to Hobart in the North and the Huon and Channel region in the South.
“The decision to undertake a Build to Rent project in Tasmania was based on strong demand in the residential rental market and the long-term returns on our investment.”
Matthew Sly, Spokesperson for the developer
Construction on Moir Road Estate started in early 2023 after the site was sold to a local developer in a deal negotiated by Knight Frank agents George Burbury and Tom Balcombe.
Rental rates for the townhouses will range from $440 to $650 per week and will be available for lease from mid-March.
“We now look forward to welcoming the first occupants to the properties in March 2024. This is the largest Build to Rent project in Tasmania, and we expect it will be the start of many more to come.”
George Burbury, Head of Residential Project Marketing, Knight Frank
The announcement of the leasing campaign follows the insights found in Knight Frank’s Breaking the Shackles – the rise of Build to Rent report. Released in September last year, the report found the expanding Build to Rent sector in Australia was forecast to see around 55,000 units completed by 2030. It also highlighted that if the total Build to Rent stock grows to 55,000, it would still only represent 1.5% of the total rental supply in Australia, underlining the potential for scale.
Knight Frank’s recently released Australian Horizon 2024 report found that investors were likely to continue to seek greater exposure to alternative sectors in 2024, and within this sector, residential living sectors are in vogue, led by Build to Rent.
