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Build-to-rent marks a milestone in Melbourne

By Juliet Helmke
09 April 2024 | 9 minute read
gladstone street fishermans bend precinct reb hcjv2x

Victoria’s largest ever build-to-rent project is set to be unveiled.

The development, located in South Melbourne’s Fishermans Bend precinct, is now structurally complete, with the ambitious project set to welcome residents into its 700 apartments upon its official completion later this year.

Located along a stretch of Gladstone Street, the three towers that were developed by Greystar Real Estate Partners are expected to be home to 1,500 renters once it’s fully operational.

The state’s Minister for Planning, Sonya Kilkenny, celebrated the significant milestone reached by the project, noting that Melbourne is far outpacing the other capitals when it comes to the build-to-rent sector.

The Victorian capital is currently home to around three-quarters of all the build-to-rent projects completed in Australia in 2023, and 73 per cent of the existing build-to-rent apartment stock across the nation.

“Melbourne is the undisputed build-to-rent capital of Australia, thanks to our leading reforms – and we’ll continue to pull every lever we can to enable 800,000 homes of all kinds to be built over the next decade,” Kilkenny said.

“We need more homes where people want to live – Greystar’s development does just that – offering rental homes close to transport, schools, parks and of course the iconic Yarra River.”

The state is reportedly set to continue to champion this housing option as it looks to work towards the goal of building 800,000 homes over the next decade.

Eligible build-to-rent developments in Victoria that are completed and operational from 1 January 2022 through 31 December 2031 are able to receive a 50 per cent land tax concession for up to 30 years, and a full exemption from the state’s absentee owner surcharge.

The state estimated that there are 18,200 homes in the pipeline for build-to-rent projects in Victoria right now.

Greystar, for its part, plans to have a strong presence in the sector, both in Victoria and across the country in the years to come.

Greystar’s executive director for APAC, Adam Pillay, noted that the Gladstone property would be the first of its rental properties to open, but is part of “a strong pipeline of rental properties that we look forward to launching in the months and years ahead”.

ABOUT THE AUTHOR


Juliet Helmke

Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.

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