Greystar, a global leader in the investment, development and management of real estate, has announced the topping out of one of Australia’s largest Build-to-Rent (BTR) projects in the premier Melbourne inner-city suburb of South Yarra.
Located less than four kilometres from Melbourne’s CBD in the suburb of South Yarra, the $500 million development on Yarra and Claremont Streets is Greystar’s second BTR project in Australia to reach completion in the past four months.
Designed by renowned Australian architecture firm Fender Katsalidis, the development commenced in 2022.
Together with construction partner Hickory, Greystar’s Managing Director of Australia Matt Woodland hosted a celebration of the Yarra building’s ‘topping out’ on-site, with guests including Victorian Planning Minister, the Honourable Sonya Kilkenny, future residents and 40 stakeholders in attendance.
“Reaching this milestone marks a pivotal juncture in the advancement of Victoria’s Build-to-Rent market and the growing availability of quality rental accommodation for residents. The South Yarra development will provide residents with the highest quality rental experience in one of Melbourne's most desirable suburbs,” says Woodland.
“The on-site amenities and entertainment options are of Greystar’s most exceptional standard, from the outdoor spaces, private lounges, bar, gaming spaces and cinema, to state-of-the-art remote working facilities and wellness spaces, not to mention flexible leases.
“Still, the world-class amenities are only one part of the Greystar offering. Globally, Greystar is renowned for its deep experience with operational management of properties. “Our business model relies on our residents receiving great service from us. This level of service is something that Australian renters have never experienced before from a landlord, and we’re thrilled to bring this experience to our first residents.”
Woodland says that the team is particularly excited about the innovative Claremont Street property, and its flexible rental offering.
“There is high uncatered-for demand for shorter term leases well beyond the typical student category that Claremont Street will cater for. This includes people living in Melbourne on short term work contracts, families between houses or who may be renovating, or even people who are moving out of a share house and need short term housing, among many more use cases. This offering is something that simply did not exist in the rental market, until now,” he says.
“The topping out of Greystar’s South Yarra project represents an important shift forward in the residential property market and the improved experiences that renters can start to expect from Greystar’s Build-to-Rent developments. We’re incredibly excited to be at the forefront of this evolution.”
Completing the largest undeveloped landholding in the Forrest Hill Precinct, the dual tower development sits on more than 3,300 square metres of land and will deliver 617 residential apartments and 2,000 square metres of office space.
“The South Yarra topping out is Greystar’s second in four months, and the momentum behind our projects and Build-to-Rent in Australia is heating up,” says Sean Ryan, Senior Development Director, Greystar Australia.
“Our decades of experience developing rental housing communities in the United States and internationally is being leveraged in Australia to deliver these landmark residential communities alongside our investors, builders and government stakeholders. In the next 12 months we have several other developments breaking ground, topping out, and most importantly, welcoming residents. It’s great to see our investment in Australia moving forward so strongly.”
Yarra Street Tower has 382 rental units and provides residents with best-in-class amenities and communal facilities including a fully equipped gymnasium, rooftop saltwater spa, games room, private dining areas and state-of-the-art co-working space. Residents living in this tower can choose lease lengths from 12 months to three years, offering unprecedented security and a peace of mind for renters who choose to make a Greystar build-to-rent development their home.
Claremont Street Tower, which topped out in May, has 235 units come fully furnished with all-inclusive utilities, Wi-Fi, and social and community benefits. Lease lengths range from three to 12 months. Claremont Street is an innovative offering designed for renters seeking flexibility and convenience.
Ground plane retail space stretches across both towers, activated by a new laneway connecting the Yarra and Claremont Street developments.
"Located in the heart of South Yarra, Greystar’s development is exactly what we need more of – more homes close to great public transport, schools, parks and jobs," says Sonya Kilkenny, Minister for Planning.
“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.”
