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The global build to rent round up - 22 July 2021

The global buildtorent round up 22 July 2021

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

New Zealand & Australia

  • New Zealand: The Property Council submitted on proposed changes to residential property investment tax legislation last week noting that large scale build-to-rent projects would likely not be feasible if these changes were put into place, with potentially a significant negative impact on future supply. While new builds would be exempt, the definition of a ‘new build’ is still under debate and the exact rules around build-to-rent as an asset class are unclear. Full article here.
  • Auckland: Kiwi Property are waiting for final terms on interest deductibility for new builds before making a final decision on a build-to-rent scheme next to its Sylvia Park Shopping Centre. The nearly 300-unit purpose-built scheme already has resource consent approved and consent is currently being sought for a scheme at LynnMall. Full article here.
  • Sydney: The New South Wales Government has stepped back from support of build-to-rent projects in Central Sydney, with the area now excluded from the Affordable Housing State Environmental Planning Policy. This also makes other planning streams favouring affordable housing no longer available in the CBD including bonus floor area space ratios. Full article here.

Europe

  • UK: Winvic Construction has designed and is building two build-to-rent schemes for PLATFORM_ in Sheffield and Cardiff. The Sheffield scheme has 335 apartments, with commercial space and resident lounges on the ground and rooftop levels. The Cardiff scheme will have 205 one- and two-bedroom apartments with similar additional amenities to the Sheffield scheme. Full article here.
  • England: Leeds Council has approved a 678-unit build-to-rent scheme across five towers on the city fringe. The towers, between 13 and 31 storeys high, will offer 408 one-bedroom apartments, 235 two-bedroom apartments and 32 three-bedroom flats to be built in a single phase, rather than a staged development. Full article here.

North America

  • USA: Multi-family (BTR) rents in the USA increased 6.8% on average year-on-year to June 2021, making it the largest jump recorded by proptech service Yardi Matrix in the USA. More sparce cities across the country had even higher rental increases due to migration away from more densely populated areas. Full article here.
  • Hollywood: The 52-unit Hollywood Tower apartment complex in Hollywood sold for USD$20.1M to a buyer who is converting properties into affordable long-term rented accommodation. The heritage listed building was built in 1929 is eight storeys with three rooftop terraces. Full article here.
  • Los Angeles: Startup STAY OPEN has begun transforming unused commercial space into affordable and socially engaging capsule hotel and co-living properties, with their first about to open in Venice. ‘The Lab’ offers 10 private capsules in the heart of Venice for residential stays longer than one month, with expansive communal amenities. A second 223-capsule is set to open in 2023. Full article here.

Asia

  • India: Co-living provider Housr is looking to add over ten additional cities in India to its portfolio over the next two years, going from 16 to 50 properties and offering 10,000 beds. Demand was tepid during the lockdown, however by March 2021 occupancy was over 90% for the company, driving the rapid growth. Full article here.
  • Singapore: Co-living is making a comeback in popularity in Singapore, after failed attempts to break into the market were made in 2014/2015 and 2018/2019. Recently operators have reported increasing occupancy rates of 90% with demand from local residents rising by four times. 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.

Related Experts

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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