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Global real estate investment firm Hines has filed amendments for their second build-to-rent project in North Melbourne.
The 3068 sq m site at 36-58 Macaulay Road at North Melbourne was earmarked for 220 build-to-rent units when the acquisition was first announced in February 2022.
It came with a prior planning permit for build-to-sell apartments. But Hines is now remixing the project with fresh amendments for a build-to-rent project on the site.
The project would comprise 207 units, which would include 55 studios, 86 one-bedroom apartments, 64 two-bedroom apartments and two three-bedroom apartments.
Hines’ living head and managing director Sam Bisla said the infrastructure located nearby was part of what made the site an attractive prospect.
“We are truly excited to bring a new standard of renting to this highly sought after attractive pocket of inner Melbourne,” Bisla said.
“The infrastructure upgrades will only go to further enhance its attractiveness as a key location for our target demographic.”
A green action plan is also part of the development with bike storage, bike repair facilities, electric scooters, electric vehicle share cars and charging stations in all parking spots.
It would also target a 5 Green-Star rating, gold WELL standard, and 7.5 star NATHERS ratings.
Tenants would have access to co-working offices, residential lounges, dining rooms, gaming rooms, yoga rooms, a gym, wellness facilities, a spa, sauna, and steam rooms as part of the amenities on offer.
Hines also plans to restore the heritage building on the site, a former factory in the industrial pocket that is being gentrified.
The site sits in the middle of the Arden precinct, which the Victorian government has designated an urban regeneration zone with a new metro station being built nearby.
Corelogic’s property records list the site as last exchanging hands in October 2022 for $29 million.
The firm has estimated an end value of $200 million for the project.
Hines plans to grow its Living Build-to-Rent platform in both Australia and New Zealand.
It currently has three build-to-rent sites in Melbourne including Macaulay Road and has recently filed plans for its Bank Street site in South Melbourne with the City of Port Phillip Council where it will have another build-to-rent project with 355 apartments.
