Located less than four kilometres from Melbourne’s CBD, the A$500 million project is Greystar’s second BTR development under construction in Australia, and will comprise 617 residential apartments, 2,000 sqm of office space, and ground-level retail across two towers that will showcase the emerging innovative rental housing typology.
Designed by the award-winning architecture firm Fender Katsalidis, the development at 14-16 Yarra Street provides best-in-class residential amenities and communal facilities, which will include a pool, gym, pet area, cinema, gaming space, club lounge, private dining spaces, a bar and extensive co-working areas. Each tower has a rooftop terrace, and the ground plane is activated by a new laneway that will connect Yarra and Claremont Streets.
The project is forecast to create more than 1,000 construction-related jobs, with almost 40 permanent jobs generated upon expected completion in 2025.
Greystar and Hickory show a strong commitment to championing enhanced sustainability practices. The highly-efficient building, which is targeting a five-star Green Star Design and As-Built certification, will be fossil fuel-free and powered by 100% renewable energy, with rooftop solar, façade sun shading devices, and electric vehicle charging points.
Greystar is a world-class provider of rental housing globally, with nearly 30 years of experience across 234 markets. The South Yarra project is part of Greystar’s strategy to expand its presence in Australia and increase the supply of high-quality housing options to a broader spectrum of the rental population.
As long-term owners and operators, Greystar is committed to investing in Australian neighbourhoods and communities with the goal of creating a new housing supply and providing renters with greater choices.
Chris Key, Managing Director of Australia at Greystar, said: “We are excited to have started construction on what we believe will be one of Australia’s premier Build to Rent communities and advance Greystar’s efforts to provide a greater choice of quality rental accommodation in Melbourne. Our South Yarra development will provide its residents with onsite amenities and entertainment options of the highest standard, from its private lounges, bar, gaming spaces and cinema, to its co-working facilities and wellness spaces.”
George Abraham, Managing Director at Hickory Group, said: “At Hickory, we talk a lot about raising standards, Greystar’s South Yarra development really encompasses this – built and developed with sustainability, affordability and longevity in mind. The Build to Rent sector is the next frontier for Australia’s residential property market, Hickory is excited to be at the forefront of its evolution as we continue to create better places for future communities.”