SYDNEY’S first CBD purpose-built build-to-rent tower, perched directly above the new Sydney Metro Gadigal station, has topped out.
Upon completion, Investa’s Indi Sydney will stand 39 storeys, providing 234 apartments, across a mix of one, two and three-bedroom configurations and accommodate more than 500 residents.
The tower will offer views over Hyde Park and to the Sydney Heads, and will have three levels of shared space that will include co-working meeting rooms, a wellness level with lap pool, sauna, and workout equipment, and a rooftop lounge with a kitchen and BBQ area.
Sustainability credentials include a 7-Star NatHERS energy rating and a 5-Star Green Star V1.3 Design. Indi, Investa’s built-to-rent platform, secured the first green loan in the country’s fledgling sector for the project, in a $130 million agreement with the Commonwealth Bank and owner of the development, Oxford Properties Group.
Developed by Investa on behalf Oxford, and delivered by CPB Contractors, Indi Sydney represents the first and still only Sydney CBD purpose-built build-to-rent asset. Sydney and NSW account for just 13% of Australia’s current build-to-rent pipeline.
Mark Tait, head of Developments, Investa said, “Indi Sydney will be an exemplar build-to-rent project, showcasing Investa’s expertise in delivering complex and state significant over-station development schemes and will set the standard for institutional-owned build-to-rent assets in Australia for the foreseeable future”.
Indi will oversee management of the asset on behalf of Oxford from completion, expected in May 2024, with the first residents to move in in July. It said it will offer residents flexible lease terms, an ability to personalise apartments and dedicated on-site customer service.
Indi has more than 1,300 build-to-rent apartments under construction with an end value of $1.3 billion, including projects in Melbourne’s Southbank and the inner suburb of Footscray.
Alec Harper head of Australia, Oxford said, “Oxford is a high conviction investor in build-to-rent globally, with market fundamentals in Australia particularly compelling.”
Nick Blake, fund manager, BTR, Investa added said institutional investment in build-to-rent will play an integral role in helping alleviate the acute accommodation shortfall experienced across Australia, especially in a market such as Sydney.
