Australia: International developer Pembroke has acquired a build-to-rent (BTR) site in Melbourne’s Fitzroy from Greystar, marking its first BTR project in the country.
The 2,600 square metre plot has an existing permit for a masterplanned BTR development of 200 apartments across 11 storeys.
The approved scheme includes a residents’ lounge, co-working spaces, gym, bicycle storage, basement parking and a rooftop garden.
Although Pembroke has taken ownership of the site, Greystar will remain involved as project manager.
According to record from global property data and analytics company CoreLogic, the property last changed hands in 1988 for A$1.1 million (£605,000). The recent deal is understood to be worth around A$34.4 million (£18.23 million).
The acquisition forms part of Pembroke’s global diversification strategy, which this year has included BTR acquisitions in London and Washington DC.
Both assets, The Lark in London (195 units) and Fitzroy in Washington DC (267 units), are reporting occupancies of over 95 per cent.
“This acquisition establishes a strong foothold for Pembroke in the Australian BTR market. Addressing a chronic shortage of housing is high on the Australian Government’s agenda, and the BTR market in particular offers a huge opportunity for us,” said Joe Fitzpatrick, Pembroke’s regional director for Australia.
Pembroke entered the Australian market in 2011 with the acquisition of 20 Martin Place in Sydney, and it continues to target opportunities across global cities including Sydney, Melbourne, Seattle, Boston, London and Tokyo.
Greystar remains active in Australia’s residential sector, with multiple BTR and PBSA schemes in Melbourne, including a project in Collingwood with UEM Sunrise.
Highlights:
- Pembroke enters Australia’s BTR market with acquisition of Fitzroy site from Greystar
- 200-unit scheme approved for 155 Johnston Street in Melbourne features co-working spaces, gym and rooftop garden
- Greystar will operate as project manager
