Greystar Puts Down Roots as Melbourne Debut Tops Out

One of the world’s biggest build-to-rent players says it is preparing to expand its staff on the ground in Melbourne ahead of the opening of its debut Australia project. 

Greystar has topped out construction of The Gladstone at South Melbourne, its first Down Under. The three-tower project at 65 Buckhurst Street is now expected to complete in September. 

Executive director for investment management Adam Pillay said Greystar had 19 staff in Melbourne to help manage the project, but that would increase dramatically to operate the build-to-rent once completed. 

“We have 22,000 people employed globally and about 80 per cent of those people are in operations,” Pillay said.

Pillay said that Greystar planned to hold assets in Australia for the long term.

“Any city we enter, we enter it in perpetuity,” he said. 

“We are conscious of the impact we have on the community and the precinct.”

▲ Greystar investment management executive director Adam Pillay, development senior director Sean Ryan, Victorian planning minister Sonya Kilkenny and City of Port Phillip mayor Heather Cunsolo at the topping out.

Pillay said some build-to-rent developers struggled with the management aspect of assets post-completion.

He said Greystar’s experience and success in the sector over many years meant it knew what was needed to make build-to-rent developments flourish.

The towers also include amenities such as working and wellness spaces and pet care facilities across 4600sq m of space and 775sq m of retail space. 

Greystar has a pipeline of 2500 rental homes to be delivered in Victoria alone and $3.8-billion worth of equity under management within the Asia-Pacific region.

Australian projects in the pipeline for Greystar include a project in South Yarra and another in North Melbourne as well as one in Sydney, all either multi-family or student accommodation. 

It also has projects in Fitzroy, Collingwood and Kensington.

▲ A Scott Carver Architect’ render of the pedestrian link and courtyard for Greystar’s build-to-rent project in Melbourne’s Kensington.

Charter Keck Cramer has reported that build-to-rent projects are on the rise in Melbourne with 580 apartments delivered in 2023 and another 18,200 with permits or under way. 

At the ceremony, Victorian planning minister Sonya Kilkenny said the 700 homes being delivered by The Gladstone would help the state’s 80,000 home target for the Fishermans Bend precinct.

“Melbourne is the undisputed build-to-rent capital of Australia thanks to our leading reforms—and we’ll continue to pull every lever we can to enable 800,000 homes of all kinds to be built over the next decade,” Kilkenny said.

“We need more homes where people want to live—Greystar’s development does just that—offering rental homes close to transport, schools, parks and of course the iconic Yarra River.”