Australia & New Zealand
- Auckland: Local build-to-rent business arc Residential is set to open its first purpose-built build-to-rent development in Onehunga this month. The 48-unit development is a mix of one- and two-bedroom apartments, with 32 car parks and bicycle storage over three storeys. Full article here.
- Melbourne: Greystar has been given approval for a A$500M build-to-rent development in Melbourne’s South Yarra. The dual-tower development will offer 625 build-to-rent apartments with 5,000 sqm of office space and 1,000 sqm of ground floor retail. It is to be the largest build-to-rent development in the country to date. Full article here.
- Melbourne: Melbourne based developer Assemble’s build-to-rent model is heavily invested in being a solver for housing affordability. While the majority of other players in the market are focussing on premium product, Assemble is targeting its product at the low and moderate income earners. Full article here.
- Melbourne: Macaulay Road in Kensington may become the centre of the build-to-rent boom in Melbourne with developers including Greystar and Assemble looking to add to their pipeline with sites along the road. The City of Melbourne Council earmarked the area for regeneration and it is forecast to accommodate 10,000 people by 2025. Full article here.
- UK: Build-to-rent developer Grainger has raised £209M follow a successful share placement. The funds will be put towards the established growth strategy, bringing forward new schemes and add new acquisitions to its portfolio. Full article here.
- England: Moda Living has already pre-leased 40% of its latest development The Lexington in Liverpool. The 325-unit development was launched in July with 100 tours booked and 570 enquires in the first three days. Full article here.
- England: Watkin Jones has sold it first full co-living scheme in Exeter to Ropemaker Properties for around £16.9M on a forward funding basis. The scheme will have 133 studio homes with shared kitchens, lounges, library, cinema room, gym, and communal outdoor areas. It is due to be completed in mid-2022. Full article here.
- Spain: Global real estate fund Patrizia AG has forward purchased a build-to-rent development in the greater Barcelona area for €52M on behalf on institutional clients. Construction of the development is due to complete in 2023 and will include 128 units which will strengthen Patrizia’s build-to-rent footprint in Spain. Full article here.
- Canada: The former Salvation Army Homestead in Vancouver is to be redeveloped into a 20-storey apartment tower with 163 units and a six-storey block with 52 secured market rental apartments. The development will also incorporate a city owned childcare centre. The former homestead was closed in 2015. Full article here.
- Canada: PCI Developments has proposed amending plans for an office tower above a new train station to be extended to include 223 rental units in a mixed-use, transit-oriented development in Vancouver. 20% of the units would be offered at below market rents if approval is given. Full article here.
- USA: The U.S. Green Building Council has released data showing 106 multifamily communities received LEED certification in the first half of the year, with 17 certified to LEED Platinum. California has led the way in this focus on sustainability with 29 projects certified. Full article here.
For more information or advice on build-to-rent or specialised residential projects, get in touch with Alan McMahon, National Director of Strategic Advisory at Colliers.