GREYSTAR and their partner construction firm Icon have officially begun construction on their $500 million development project in South Melbourne.
The development located at 15-85 Gladstone Street is firmed to shape up as one of the country’s largest purpose-built Build to Rent developments. The development will hold 700 new residential apartments located less than a km away from Melbourne’s CBD.
A ceremony was held to commemorate the start of construction with MP Martin Foley in attendance among other key representatives.
“The groundbreaking ceremony is an important event and takes us another step closer to realising our vision for this iconic BTR project,” said Icon’s Victorian director Daniel Crawley.
“Once complete, the 700 apartments and over 4,300 sqm of indoor and outdoor communal space will be a best-in-class asset for South Melbourne. The development will bring a new experience and exceptional service to the rental market here in Melbourne.”
Vacancy rates have been lowering after they witnessed a rise during the first year of the pandemic up past 5%. Now they’ve dropped down to 1.3%, leading to an increase in demand for rental properties, and this development is set to offer more rental opportunities while also focusing on powering everything with renewable energy.
Greystar have a strong stance on introducing sustainability practices and the Gladstone Street development will be no different as it strives for 100% renewable energy.
Managing director of Greystar, Chris Key said he’s thrilled to see the finished project in 2024.
“The Greystar team is energised to have reached this key milestone for the Gladstone Street project and to be marking the occasion with an official ground-breaking ceremony,” he said.
“We are looking ahead in anticipation to 2024 when we will be unveiling 700 residential apartments across three towers and 850 sqm of exciting retail space – in what will be one of Australia’s largest purpose-built Build to Rent (BTR) developments. We are thankful for all the support this project has received and we look forward to bringing this innovative design vision to life for the South Melbourne community.”
