The world’s largest investor in the build-to-rent sector, Greystar, has won planning permission for its next project in Melbourne.
Greystar received a planning permit for a purpose-built mid-rise 447-apartment build-to-rent project at 352-400 Macaulay Road in Melbourne’s Kensington in December but conditions for the permit were only released this week.
It is the company’s first project to be purpose built on a brownfield site, and sits between Local and Assemble’s build-to-rent projects also along Macaulay Road.
The City of Melbourne and the Victorian Department of Energy, Environment and Climate Action had to provide approval.
Scott Carver Architects designed the plans for the project, which will comprise studio, one, two and three-bedroom apartments plus a central courtyard with private and shared communal zones, a public pocket park, public pedestrian links and cafes.
Greystar confirmed purchase of the 9500sq m site in early 2022.
It has four sites in Melbourne and an expectation of delivering 2000 build-to-rent apartments from its pipeline worth more than $500 million.
Recent planning changes allow more mid-rise residential and mixed-use sites within the Kensington precinct, which is expected to be home to more than 10,000 residents and 9500 jobs by 2025.
The suburb, 4km north-west of the Melbourne CBD, primarily comprises industrial lots, terrace homes and worker cottages.
Build-to-rent has found a home along the Macaulay Road strip thanks to planning changes and incentives as developers snapped up sites with construction already under way on several projects.
