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The prominent South Yarra region in Melbourne is set to become Australia’s largest build-to-rent project following a multinational property developer acquiring the site.
Greystar, the largest operator of rental housing in the area, has purchased two adjoining sites at a value of $400 million.
The firm is expected to redevelop the properties into an integrated mixed-use project comprising attractive ground floor retail, approximately 5,000sqm of high-quality office space and over 500 rental units across two towers.
“Australian renters deserve the same higher standard of service-orientated and amenities housing that is available in the major urban centres around the world, in contrast to what has traditionally been an inferior rental experience here in Australia,” said Chris Key, managing director for Greystar in Australia.
Located in close proximity to the South Yarra train station, toorak road tram and surrounded by an abundance of retail, food and entertainment offerings, the site is set to give Australian renters a convenient living arrangement, according to Greystar.
Australia has experienced sustained economic growth fuelled by an increasing population that is driving household formations and rental demand.
“Rental demand is also being driven by greater job mobility and younger generations prioritising lifestyle experiences in urban centres. Greystar intends to capitalise on these factors, presenting an opportunity to establish itself as the country’s premier rental housing provider,” Mr Key said.
“One of the most important issues for renters in the current market is their security of tenure. Most private rental housing owned by mum and dad investors create a scenario where renters cannot rely on their ability to renew leases on an ongoing basis. Institutional rental housing can help to solve this issue and provide the housing security that people need,” Mr Key concluded.
Rent refers to the payment made by a tenant periodically to a landlord for the use and occupancy of a property.