Greystar and UEM Sunrise sign partnership to deliver Build to Rent project in Melbourne
Melbourne, Australia – 22 June 2023 – Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development and management of real estate, including rental housing, logistics, and life sciences, and UEM Sunrise Berhad (“UEM Sunrise”), the leading Malaysian property developer, have partnered to develop the first Build to Rent project in the inner-Melbourne suburb of Collingwood. The agreement will see Greystar as the investor and eventual owner-operator of the proposed Build to Rent development via a fund-through structure, 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 plus 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.
A design by the leading contemporary architectural practice Cox Architecture has been selected 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 Islingston Streets.
In line with Greystar and UEM Sunrise’s commitment to sustainability and creating healthy, high-quality communities with the neighborhoods they serve, extensive new green space and landscaped areas will be delivered across the 5,390 square meter site.
Chris Key, Managing Director of Australia at Greystar, said: “Greystar is delighted to secure our fifth Build to Rent project in Melbourne and to be partnering with UEM Sunrise to deliver this exciting project in the heart of Collingwood. 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. The project builds on our strategy to provide a greater choice of quality accommodation for renters and importantly, as long-term owners and operators, to be able to provide a housing choice that offers a greater security of tenure for our residents. Our proposed Collingwood development will set a new standard of residential amenities, service and experience in this vibrant inner Melbourne neighbourhood.”
UEM Sunrise Director, Australia, Chee Wei Ong said: “We are delighted to partner with Greystar on this exciting project that will not only deliver much-needed homes for Melburnians, but reinvigorate a truly unique site in Collingwood’s vibrant east end. Greystar is an internationally renowned expert in Build to Rent living, so we’re confident in our combined expertise to deliver a high-quality product for our first Build to Rent project in Australia.”
For more information contact:
Scott Rochfort
srochfort@canningscomms.com.au
+61 435 878 614
About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $250 billion of real estate in 234 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 817,000 units/beds globally, and has a robust institutional investment management platform comprised of more than $69 billion of assets under management, including over $29 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world class service in the rental residential real estate business. To learn more, visit www.greystar.com.
About UEM Sunrise
UEM Sunrise is a public-listed company and one of Malaysia’s leading property developers. It is the flagship company for township and property development businesses of UEM Group Berhad (“UEM Group”) and Khazanah Nasional Berhad (“Khazanah”). UEM Group is wholly-owned by Khazanah, the strategic investment fund of the Government of Malaysia. In Australia, the company has two completed developments in the Melbourne CBD - Aurora Melbourne Central and Conservatory. The tallest tower in Melbourne’s CBD at 86-storeys or 289m AHD, Aurora Melbourne Central is home to almost 2,000 residents, office space, Scape Australia’s ‘Living’ offering and approximately 2,540 square metres of premium new retail space that is now available for lease. It is UEM Sunrise’s flagship development in Australia. Conservatory, located at 9-23 MacKenzie Street, is a mulit-residential urban sanctuary designed by Cox Architecture. Conservatory has a total of 446 units with sweeping views over Carlton Gardens, the Royal Exhibition Building and Melbourne’s city skyline.