Australia: Global asset manager Barings has topped out two build-to-rent (BTR) schemes in Melbourne, with a combined value of A$600 million (£304 million).
The developments, in Preston and Queens Road, will deliver 726 new rental homes to the city.
Both projects are part of a wider residential portfolio being delivered by Barings in partnership with Australian pension fund Aware Super across Sydney, Melbourne and Canberra.
The Preston scheme, at 6–34 High Street, comprises an 18-storey tower with 285 apartments, seven townhouses and 1,050 square metres of ground-floor retail.
Designed by Rothelowman, it will also feature a gym, spa and wellness areas, co-working spaces and a communal rooftop garden. Construction is being carried out by Kapitol Group, with completion due in early 2026.
The Queens Road development, at 50–52 Queens Lane, will deliver 433 apartments over 14 storeys, alongside amenities including a wellness centre, swimming pool, screening room and rooftop terrace.
Designed by Bates Smart, it will feature more than 2,500 square metres of landscaped gardens and is targeting a 5-Star Green Star Design rating and a 7-star NatHERS average. Hickory is the builder, with completion scheduled for late 2026.
Alastair Wright, Barings’ head of APAC real estate, said: “Today marks another important milestone in delivering much-needed housing in Melbourne, and Barings is proud to again partner with Aware Super on their BTR living platform. We’re also proud of the high-quality construction delivered by both Hickory and Kapitol on these developments.”
Both developments will operate under a new branded BTR platform launching later this year.
Barings and Aware Super currently operate more than 677 apartments across 10 locations and have seven longer-term development sites, comprising 1,919 homes, under construction or in planning across Australia.
Highlights:
– Barings tops out two Melbourne BTR schemes worth A$600M (£304M) in Preston and Queens Road.
– The two schemes combined will deliver 726 new rental homes
– Preston: 18-storey tower, 285 apartments, 7 townhouses, 1,050 square metres retail space
– Queens Road: 14-storey, 433 apartments, wellness centre, pool, 2,500 square metres gardens
