Malaysia-based developer UEM Sunrise Berhad has signed a $315.4m deal for its approved Collingwood Build to Rent scheme at 21-35 Hoddle Street in Melbourne’s inner northeast.
Being delivered on a 5,390 sqm site formerly occupied by a multi-level Honda and Nissan dealership, the development will comprise 407 homes in a mix of 141 one-bedroom apartments, 170 two-bedroom apartments, 46 three-bedroom apartments and four townhouses spread across 23-storeys.
Designed by Cox Architecture, the approved scheme will also feature retail, food and drink spaces, landscaping and a public town square. The agreement has been signed with Kio Investment Management, which has joined with Warburg Pincus on the scheme.
Under the fund-through structure, UEM Sunrise Berhad will remain involved as developer and delivery partner, while Kio Investment Management will become the investor and owner-operator.
The site sits around 3.5km from Melbourne’s CBD in one of the city’s most supply-constrained rental markets, adding to the growing institutional focus on Build to Rent housing in well-connected inner-city locations.
For UEM Sunrise, the development forms part of a broader Australian growth strategy, alongside its 342-apartment One Oval project in Subiaco, Western Australia.
