Global asset management firm Barings has topped out two major build-to-rent developments in Melbourne.
The Preston and Queens Road projects are collectively valued at $320 million and will bring 726 new homes to the city’s undersupplied rental market.
They form part of a broader residential portfolio being delivered by Barings and Aware Super across Sydney, Melbourne and Canberra.
The Preston development at 6-34 High Street comprises an 18-level tower of 285 apartments, seven townhouses and 1050sq m of ground-floor retail.
Designed by Rothelowman, the project also includes gymnasium facilities, spa and wellness areas, co-working spaces and a communal rooftop garden.
Construction is being handled by Kapitol Group, and completion is expected early next year.
Queens Road at 50-52 Queens Lane is a 14-level development of 433 apartments with amenities that include a wellness centre, pool, screening room and rooftop terrace.
Bates Smart designed the project that also includes more than 2500sq m of landscaped gardens and is targeting a 5 Star Green Star Design rating and a 7-star NatHERS average.
Hickory is the builder. Completion is scheduled for late 2026.
Barings head of APAC real estate Alastair Wright said the topping outs were “another important step in delivering much-needed housing in Melbourne”.
Both developments will operate under a new branded build-to-rent living platform launching this year.
The projects are within high-growth urban precincts, close to key employment, education and health amenities, including The Alfred Hospital, the coming Anzac Station and major universities.
Barings and Aware Super operate more than 677 apartments across their residential portfolio in 10 locations, and have seven longer-term development sites comprising 1919 homes under construction and planning across Australia.
In Sydney, Barings has broken ground on its $400-million, 400-apartment development at Waterloo.
Aware Super acquired the 1.7ha site from Crown Group for $121 million following the developer’s liquidation in 2023, with Barings the investor, developer and asset manager for the project.
Completion of the first Waterloo stage is slated for early 2027.
