The Victorian Government has announced that the state’s largest build-to-rent development is now structurally complete.
The South Melbourne Fishermans Bend precinct development, located on Gladstone Street, was delivered by Greystar Real Estate Partners.
The project includes 700 build-to-rent apartments which will soon be home to around 1,500 renters when it opens its doors later in 2024.
The Greystar development supports the Victorian Government’s Housing Statement, expected to enable 800,000 new homes to be built over the next decade in areas close to jobs, transport and services.
Melbourne is home to around three quarters of all build-to-rent projects completed in Australia last year and 73 per cent of build-to-rent apartments across Australia.
Recent reports from property advisory firm Charter Keck Cramer show a rapid increase in the number of build-to-rent projects in Melbourne – including 580 apartments completed in 2023 with 18,200 either under construction or with planning approvals.
With demand for rentals continuing to rise, the Victorian Government said that it is fast-tracking the approval of build-to-rent projects and other forms of residential development that meet planning requirements, as part of the Housing Statement.
Eligible build-to-rent developments completed and operational from 1 January 2022 until 31 December 2031 receive a 50 per cent land tax concession for up to 30 years and a full exemption from Absentee Owner Surcharge.
Victorian Minister for Planning, Sonya Kilkenny, said, “Melbourne is the undisputed build-to-rent capital of Australia thanks to our leading 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.
“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.”
Greystar’s Executive Director, APAC, Adam Pillay, said, “Gladstone is our first rental property to open and is part of a strong pipeline of rental properties that we look forward to launching in the months and years ahead.”
