CBRE has launched an Australian build-to-rent committee, dedicated to valuation and advisory, research, development feasibility and site identification services in the country’s fledgling sector.
It will be overseen by director of development valuations and advisory, Jozef Dickinson, and will include Ken Smith, Ken Smith, Simon Cowley, Ben Martin-Henry, Kate Heaney, Ashley Kerfoot, Josh Rutman and Simone Lutz.
US-based Colleen Pentland Lally, Mark Granter and Stephen Thomas will also provide support.
Last year CBRE completed US$24 billion worth of build-to-rent transactions in the US, £2.4 billion in the UK and €$1 billion in Germany in 2017.
Multifamily, as its known in the US, accounted for 32% (US$150 billion) of total commercial property investment in the US in 2017, making it the most popular asset class.
However, Australia’s build-to-rent sector remains in its infancy, with a UBS Grocon Real Estate fund’s Commonwealth Games village on the Gold Coast, Salta Properties’ Docklands hotels and residential project at 699 La Trobe Street, and a Southbank property recently purchased by Grocon among the few sites to be used as build-to-rent assets in the country.
CBRE suggested last year that the sector could attract up to $300 billion of institutional investment over the next 20 years.
Australian Property Journal
