US giant Greystar has reached structural completion of its $500 million build-to-rent development in Melbourne’s Fishermans Bend precinct – the largest build-to-rent project to date in Victoria.
The Gladstone, on Gladstone Street in South Melbourne, spans three towers with 700 new residential apartments and will house approximately 1,500 residents.
It will be Greystar’s first Australian property to open when residents begin moving in from September. Greystar has another $500 million build-to-rent project in South Yarra on the way, while last year it acquired a site in Collingwood from UEM Sunrise that will eventually house 400 build-to-rent apartments. It also has projects in Kensington and Fitzroy.
The Gladstone will offer nearly 4,600 sqm of amenities, including health and wellness facilities, dining and lounge areas, a children’s playground, pet facilities, and flexible working spaces. There is also 775 sqm of retail space.
“The Gladstone will be a wonderful contribution to the local community and provides a rare opportunity to live at the heart of one of Melbourne’s most historic and revitalized areas,” Greystar’s executive director, APAC, Adam Pillay said.
Fishermans Bend is Australia’s largest urban renewal precinct and is set to be home to approximately 80,000 residents and 80,000 employment opportunities by 2050.
“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,” said Minister for Planning of Victoria, Sonya Kilkenny.
“Victoria is leading the nation when it comes to build-to-rent thanks to our planning and tax 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”.
Eligible build-to-rent developments completed and operational from the beginning of 2022 to the end of 2031 receive a 50% land tax concession for up to 30 years and a full exemption from absentee owner surcharge.
Australia’s fledgling build-to-rent sector saw a surge over 2023, with Victoria still the leading state for the sector, accounting for the bulk of projects.
The Gladstone will achieve a five-star Green Star Design and As-Built rating upon completion and is completely gas-free. It features rooftop solar, a recycled water pipe network and electric vehicle charging infrastructure.
