Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of real estate, including rental housing, logistics and life sciences, has today announced the completion of structure on its $500 million residential project on Gladstone Street in South Melbourne’s Fishermans Bend precinct.
Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of real estate, including rental housing, logistics and life sciences, has today announced the completion of structure on its $500 million residential project on Gladstone Street in South Melbourne’s Fishermans Bend precinct.
The Gladstone, Greystar’s first Australian property to open, is Victoria’s largest Build-to-Rent (BTR) development. Purpose-designed for renting, the development spans three towers totaling 700 new residential apartments and will house approximately 1,500 residents.
The mixed-use development offers nearly 4,600 square metres – equivalent to the size of 11 basketball courts – of best-in-class shared amenities. This includes health and wellness facilities, dining and lounge areas, a children’s playground, pet facilities, and flexible working spaces. There is also 775 square metres of retail space.
Greystar’s Executive Director, APAC, Adam Pillay, said: “The Gladstone will be a wonderful contribution to the local community and provides a rare opportunity to live at the heart of one of Melbourne’s most historic and revitalized areas.”
He continued, “At Greystar, we remain committed to supporting diversity of choice in housing supply during this period of high demand. The Gladstone is our first rental property to open and is part of a strong pipeline of rental properties that we look forward to launching in the months and years ahead.”
The Gladstone aligns with the Victorian Government’s objectives to deliver more affordable housing by increasing supply around inner-city Melbourne. Fishermans Bend is Australia’s largest urban renewal precinct and is set to be home to approximately 80,000 residents and 80,000 employment opportunities by 2050.
The Minister for Planning of Victoria, the Hon. Sonya Kilkenny MP, said:“Victoria is leading the nation when it comes to build-to-rent thanks to our planning and tax 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.
"We need more homes where people want to live - this development does just that - offering rental homes close to transport, schools, parks and of course the iconic Yarra River."
Championing innovation and sustainability, The Gladstone will achieve a five-star Green Star Design and As-Built rating upon completion and is completely gas free. It utilises renewable energy accredited by GreenPower and features rooftop solar, a recycled water pipe network and electric vehicle charging infrastructure.
While The Gladstone is the first local project Greystar will complete, it is also undertaking BTR developments in South Yarra, Kensington, Fitzroy and Collingwood.
The Gladstone is set to open to residents in September 2024.
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