Oxford Properties Group and Investa have topped out their latest build-to-rent (BTR) project, a 434-apartment tower in Southbank, on the edge of Melbourne’s CBD.
Named Indi Southbank, the tower is part of the Boyd Village precinct under development by PDG and has been under construction for two years.
Oxford and Investa topped out construction at their Footscray development in Melbourne’s inner west in December – at 702 apartments, it is the largest in the portfolio – soon after the opening platform’s flagship BTR asset, Indi Sydney, a 234-apartment tower directly above the recently opened Gadigal Metro Station and the first purpose-built BTR asset in Sydney’s CBD.
The partners’ Indi BTR platform, owned by Oxford and developed and managed by Investa, has reached nearly 1,400 apartments across the three assets, which will house 2,500 residents, with an end value of around $1 billion.
Indi Southbank is scheduled for completion in mid-2025 with residents moving in shortly after. It will include at least 40 affordable homes, amenities, and a variety of communal spaces, such as private dining and entertainment rooms, a heated swimming pool and sauna, co-working spaces, media rooms and a cocktail lounge on level 42 that offers views of the city skyline.
Peter Menegazzo, CEO at Investa said “The Indi brand has clearly resonated with Sydneysiders, and we are looking forward to releasing our two Melbourne properties to the market later this year.”
Ian Lyon, vice president and head of development Asia Pacific, Oxford, said Oxford is a “high conviction” investor in BTR globally.
“The undersupply of rental accommodation, population growth, and evolving lifestyle needs continue to drive demand in the living sector across Australia,” he said.
