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The global build-to-rent round up - 23 February 2021

NZAucklandCBDStrategicAdvisoryThe global buildtorent round up 23 February 2021

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

New Zealand & Australia

  • New Zealand: Build-to-rent has been touted to solve the housing crisis in NZ, especially with the increasing regulations and upkeep required on residential rentals. Restrictions on overseas capital is seen as a constraint on large scale development seen overseas, especially in Australia where the market is growing. Full article here.
  • Australia: US build-to-rent specialist, Greystar, has finished capital raising for an $1.3B fund targeting the Australian build-to-rent market. The fund could deliver upwards of 5,000 units in Australia. The company holds $48B of assets in the US with 700,000 units under its management. Full article here.
  • Australia: Lendlease has taken up a 25% stake in Australian Super’s retirement living business. The deal, valued at $460M, is part of a growing partnership between the companies. The sale aligns with Aware Super’s strategy to provide more residential, such as affordable and build-to-rent developments. Full article here.
  • Sydney: Make Ventures has acquired a 7,415 sqm site in Sydney’s Kensington for Assemble properties to develop a 400-unit build-to-rent development targeted at low-income earners. 20% of the units will be designated for social housing in partnership with a community housing provider. Full article here.

Europe

  • UK: Research by Ascend Properties has said that build-to-rent stock in the UK is up 135% on 2017. There are 55,400 build-to-rent units, making up 1.2% of the total private rental stock. In London, build-to-rent units make up 2.5% of the rental stock in the city. Full article here.
  • UK: Avanton has announced they will be investing £500M into land acquisitions over the next three years for its purpose-built build-to-rent development pipeline. They are aiming to deliver up to 5,000 build-to-rent homes between 2021 and 2023. Full article here.
  • London: Apo has launched its first of many build-to-rent locations, Barking Wharf Square, offering a membership style scheme where residents can move between locations. The membership scheme is designed to provide flexibility and provide inclusive amenities, such as gyms, digital parcel lockers and co-working spaces. Full article here.
  • London: Developer Strawberry Star has partnered with construction firm JJ Rhatigan & Co to deliver 2,000 build-to-rent units by 2025 in the Greater London area. The gross development value is expected to be over £500M on completion. Full article here.

North America

  • US: A Newark study has shown over 75% of multi-family investment is currently being made in smaller metro cities, away from the traditional major centres where investment has been previously targeted. This trend has followed renters leaving major cities during the pandemic, a shift not seen so much in metro cities. Full article here.
  • San Francisco: The Berkley School District in San Pablo is looking at developing a build-to-rent development of 110 units to house schoolteachers and staff on land at one of its schools. The cost of housing is increasing the commuting pressure on staff, who are living further away from the district on, low median incomes. Full article here.
  • Texas: PEG Companies has acquired a long-stay hotel asset in Austin, Texas to be converted into Class B multi-family apartments. The projects aims to help with the affordable housing crisis in the US. It is the 14th project of this type the company will undertake. 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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