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Australia: Local will become Australia’s largest Build-to-Rent (BTR) platform, having assumed the management rights of the country’s largest BTR property, Smith Collective on the Gold Coast.
Smith Collective, majority owned by Abu Dhabi Investment Council (ADIC), is located five kilometres from Surfers Paradise, and is Australia’s largest operational Build-to-Rent community.
Featuring 1,252 apartments and townhouses, it originated as the athletes’ village for the 2018 Gold Coast Commonwealth Games and has been designed to include extensive retail space, a public plaza, and parkland. Resident amenities include multiple pools, gyms, and communal spaces.
The addition of The Smith Collective asset brings Local‘s total portfolio value to over $2.46 billion and establishes its presence in Queensland’s growing BTR market.
Saoud Al Mulla, executive director of Real Assets at ADIC said: “We are delighted to entrust this major Build-to-Rent asset to Local. This transition underscores our confidence in their expertise and ability to deliver outstanding results. With the remarkable growth and transformation in the Gold Coast area, combined with a dynamic asset that has consistently generated strong rental growth, ADIC is eager to see how Local will unlock the full potential of Smith Collective over the
coming years, creating value for all stakeholders.”
Dan McLennan, co-founder and co-CEO of Local, added: “We are thrilled to take on the management of this iconic asset. The sustainable, campus-style layout of Smith Collective aligns seamlessly with our vision for best-practice BTR communities. Our involvement in the original creation and development of Smith Collective began our journey in the Australian BTR market over a decade ago. Accordingly, it’s incredibly exciting to be able to now steer this asset into the future as not only Australia’s largest Build-to-Rent asset, but also its best performing.”
The addition takes Local’s total portfolio to 3,246 apartments under either construction or management, encompassing five key projects in Melbourne; Local: Kensington, Local: Box Hill, Local: South Melbourne, and the newly acquired sites in Southbank and Docklands.
Matt Berg, co-founder and co-CEO of Local, said: “This marks a transformative moment in Local’s growth strategy. It allows us to expand our community-centric, sustainable housing model into the Queensland region with Australia’s largest operational Build-to-Rent asset. The proven success and scale of Smith Collective provides a solid foundation for our interstate expansion, and we are looking forward to making our mark once again on this impressive asset. Smith Collective residents won’t see any big changes in the short-term and will continue to enjoy their community with the same friendly faces of current onsite team.”
Smith Collective, which has a 6-star green Star sustainability rating, joins Local: Kensington in Melbourne, which achieved practical completion in December 2024 and also achieved a 6-Star Green Star rating.
Highlights:
• Local will become Australia’s largest Build-to-Rent (BTR) platform, having assumed the management rights of the country’s largest BTR property, Smith Collective on the Gold Coast
• Majority owned by Abu Dhabi Investment Council (ADIC), is located five kilometres from Surfers Paradise, and is Australia’s largest operational Build-to-Rent community
• Featuring 1,252 apartments and townhouses, it originated as the athletes’ village for the 2018 Gold Coast Commonwealth Games
• The addition takes Local’s total portfolio to 3,246 apartments under either construction or management
