Coronation Stakes its BtR Claim in Sydney’s Waterloo

Developer and builder Coronation Property is moving to stake its claim as a frontrunner in Sydney’s emerging build-to-rent sector as the big squeeze prevails on the city’s rental market.

It has unveiled plans for a large-scale mixed-use precinct with more than 850 fully-furnished apartments at inner-city Waterloo, about 4km south of the CBD.

The proposal—revealed in a state significant development application—is slated for a site on the corner of Young and Danks streets.

Coronation put its foot on the prime parcel in October of last year, along with another significant holding at St Leonards in the city’s north, with plans for build-to-rent plays worth a combined $1.45 billion.

The Waterloo scheme also incorporates 70 affordable units for essential workers, as well as 2500sq m of retail, landscaped parkways and an artist-in-residence program.

It would be operated by Nation, Coronation’s hospitality-inspired build-to-rent platform.

The proposed development is strategically positioned within walking distance of the new Waterloo Metro, Green Square, major hospitals and universities.

Led by developer Joe Nahas, Coronation’s move comes as vacancy rates across Greater Sydney hover near historic lows, fuelling demand for alternative housing models.

According to research by financial services company BDO, Australia’s build-to-rent pipeline grew by 35 per cent to 39,300 apartments with a capital value of $30.1 billion in the 12 months to June this year.

Sydney and Melbourne account for the bulk of the pipeline but delivery remains patchy given construction costs and planning hurdles.

Nahas said the Waterloo project would be a “defining moment”  for the build-to-rent sector in New South Wales, touting it as a blueprint for how the assets could unlock much-needed housing supply in Sydney’s tightest markets.

▲ A rendering of the build-to-rent project planned for the St Leonards site the developer acquired at the same time as the Waterloo parcel.

“At Waterloo, we’re delivering more than 850 homes with amenities, cultural spaces and experiences that go well beyond what Sydney renters are used to,” he said.

“The design has been shaped by the character of the area, and backed by the scale of our build-to-rent pipeline, it shows exactly how Coronation and Nation are leading the next phase of housing in NSW.”

Coronation has a $4.8-billion pipeline and has been refining its build-to-rent model through projects such as Charlie Parker in Parramatta (123 apartments) and Mason & Main in Merrylands (434 apartments), which both achieved rapid lease-ups.

Its head of urban transformations Aras Labutis said the Waterloo site was one of the last significant inner-city industrial renewal opportunities in Sydney.

“We’re transforming an underutilised industrial site into a vibrant, mixed-use neighbourhood that will deliver housing diversity, curated activation including the artists in residence program, affordable homes for essential workers, and open space for the wider community,” Labutis said.

The precinct’s cultural overlay is reflective of a broader trend in the asset class towards placemaking and community-building.

Australia’s build-to-rent sector is expected to triple in size over the next five years, with players such as Mirvac, Greystar and Lendlease rolling out large-scale projects.

Under its Nation build-to-rent platform, Coronation is leveraging its growing portfolio in a bid to become one of the largest providers in the sector. It has almost 1500 new apartments due to launch across Sydney in the next two years and more than 4800 in its pipeline.

Pending approval, the Waterloo project is scheduled for completion between late 2027 and early 2028.