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The global build-to-rent round up - 19 January 2021

NZAucklandCBDStrategicAdvisoryThe global buildtorent round up 19 January 2021

A curation of news highlights from around the globe covering build-to-rent and specialised residential assets.

New Zealand & Australia

  • Melbourne: US build-to-rent developer Greystar has made their third purchase for its Australian development pipeline in Melbourne. A site in South Melbourne was purchased for $65M which has plans for a 700-unit building. Units in the building were being marketed for sale pre-pandemic but plans were scrapped by the prior owner. Full article here.
  • Brisbane: The site of a former Children’s Court in inner Brisbane will be one of two new build-to-rent projects developed in the city. The Queensland Government is to be offering the site to the private sector to develop the project with a rental subsidy on the land for developing affordable housing as part of the project. Full article here.

Europe

  • England: Goldman Sachs has made a £150M investment in the build-to-rent market with the purchase of a 918-unit portfolio of homes in north-west England. The portfolio is made up of two- and three-bedroom suburban homes over 15 sites. The portfolio is estimated to generate around £8.3M annually in rent and has been 99% occupied even through the pandemic. Full article here.
  • Bristol:  Developer Cubex has awarded the construction contract for their build-to-rent development in Bristol. 297 apartments will be developed over two buildings. One of the buildings, with 66 units will be offered to the market under a shared ownership scheme though a community housing provider. Full article here.
  • Dublin: Permission has granted for a co-living development to be built on top of the Jervis Shopping Centre. Dublin recently banned ne co-living developments however plans has already been submitted for this project which will deliver 120 co-living spaces. Full article here.

North America

  • San Francisco: Tech enabled real estate developer Starcity has launched a new platform allowing investors to put money into new housing projects. The company focuses on modular co-living developments and the first project available was a 270-unit high rise in the South of Market district. The platform will allow smaller investors to access real estate investments they are traditionally excluded from. Full article here.
  • Los Angeles: The pandemic has influenced developers to place a greater importance on outdoor spaces and air circulation into building designs to promote wellness. For the first time in Southern California an apartment community achieved a WELL Building health safety rating which is given to promote property owners to prioritise health and safety of their residents. Full article here.

Asia

  • Japan: PGIM Real Estate has acquired a US$120M multifamily portfolio with 353 units across six newly completed buildings, five in Tokyo and one in Yokohama. The portfolio was attractive to PGIM due to stable, in-place cash flows and strong property locations. Migration of young adults to major cities in Japan is supporting long-term growth outlooks. Full article here.
  • India: The co-living market is expanding in India due to the sense of community created within the buildings. The developments by Living Quarter are designed to provide similar experiences to staying hostels while travelling but a balance of social life and privacy. 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. 


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Alan McMahon

National Director | Strategic Advisory

Auckland

Alan has overall responsibility for Strategic Advisory for Colliers International in New Zealand. 

He advises a wide range of public and private sector organizations. Clients include Auckland Council,, Massey University, Kiwi Property, Ngai Tahu Property, Ngati Whatua Orakei, Ngati Whatua o Kaipara, NZ Super, and various departments of the New Zealand government including Police, MBIE, Ministry of Justice, and Kainga Ora.

 

 

 

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