Australia: Greystar, the world’s biggest investor in the BTR sector, has acquired two inner-Melbourne development sites.
The purchase of a 2,556 square metre site in Johnston Street, Fitzroy, marks its fourth BTR venture in Melbourne and brings to at least 2,000 the number of apartments it intends to deliver in the city.
“This was a rare opportunity to secure a site suitable for build-to-rent in the heart of Fitzroy,” said Greystar Australia managing director Chris Key. “It is a highly sought-after neighbourhood for many reasons and until now has remained untapped by the build-to-rent market. These latest acquisitions add projects in two key target sub-markets and grow our existing portfolio as we continue to deploy our build-to-rent strategy across Australia’s major cities.”
Greystar also exchanged contracts earlier this year for another Melbourne property of about 9,500 square metre in Macaulay Road in Kensington, and plans to develop more than 400 residential units with an estimated end value of more than $350 million.
In June this year Greystar announced it had appointed Icon to build its $500 million residential project in South Melbourne’s Fishermans Bend precinct. With 700 apartments across three towers plus 850 square metres of retail space, that project will become one of Australia’s biggest purpose-built BTR developments.
