Malaysian property developer, UEM Sunrise Berhad and Greystar Real Estate Partners, LLC have partnered to develop the first Build to Rent project in the inner-Melbourne suburb of Collingwood.
The agreement will see Greystar as the owner-operator of the proposed Build to Rent development, with UEM Sunrise as the developer and delivery partner.
The project at 21-53 Hoddle Street, subject to planning approval, is expected to include approximately 400 apartments across two buildings, with a mix of studios and one, two and three bedroom apartments suitable for multi-generational living. The proposed development will also feature extensive common facilities and services for residents including swimming pool, gym, movie room, wellness and entertainment spaces, bike parking, electric vehicle charging stations, concierge and co-working spaces.
The developer chose a design by the leading contemporary architectural practice Cox Architecture for the proposed development following a design competition amongst four of Australia’s top architecture practices. The proposed buildings will feature stepped-form and articulated facades, creating a diverse, inclusive and cohesive design response that captures the essence of Collingwood’s inner-urban vitality.
The planned scheme will rejuvenate Collingwood’s east end with a proposal for a vibrant public town square at the heart of the site featuring food and beverage options, shops, essential services and greenery. New pedestrian throughfare links will also improve connectivity and permeability between Hoddle, Langridge and Islington Streets.
In line with UEM Sunrise and Greystar’s commitment to sustainability and creating healthy, high-quality communities with the neighbourhoods they serve, extensive new green space and landscaped areas will be delivered across the 5,390 square metre site.
UEM Sunrise CEO Sufian Abdullah said: “Moving into Melbourne’s burgeoning Build to Rent market marks a new chapter for UEM Sunrise.
“We’ve seen significant demand for Build to Rent projects as people seek out more housing options, as well as the sense of a long-term community.
“Melbourne has just become Australia’s most populated city, which has made it the right place for UEM Sunrise to invest in the asset class.”
UEM Sunrise Director, Australia, Chee Wei Ong said the project will not only deliver much-needed homes for Melburnians, but reinvigorate a truly unique site in Collingwood’s vibrant east end.
“As the suburb’s first Build to Rent development, we see this project setting a new benchmark for residential-led mixed use offerings in Collingwood and know that prospective residents will trust the combined expertise of two internationally recognised developers.”
Greystar Australia Managing Director Chris Key said the company had now secured five Build to Rent projects in Melbourne.
“We are committed to making a meaningful contribution to the creation of new rental housing supply in Australia’s capital cities at a time when it is critically needed.
“Our proposed Collingwood development will set a new standard of residential amenities, service and experience in this vibrant inner Melbourne neighbourhood.”
Planning documents are expected to be submitted in July 2023, and subject to planning and approval, construction is anticipated to commence in mid-late 2024 and take approximately three years. UEM Sunrise completed the purchase of the site at 21-53 Hoddle Street in Collingwood from Jowett Properties in March 2021.
