The construction of South Melbourne in Australia has officially begun according to Greystar Real Estate. The latter is a leading, fully integrated real estate company. It offers expertise in investment management, development, and management of rental housing properties globally. The company reportedly manages and operates over $240 billion of real estate.
The South Melbourne project is one of the largest build-to-rent (BTR) developments in the country. It will deliver 700 brand-new residential apartments that will be built across three towers. The towers will be set within the Fisherman’s Bend Precinct which is convenient, less than a kilometer from Melbourne’s CBD.
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The development draws inspiration from a five-star Green Star design. It will thus utilize 100% renewable energy. Additionally, it will feature a recycled water pipe network as well as rooftop solar. Furthermore, South Melbourne will also feature electric vehicle charging points.Â
Expectations for the South Melbourne development in Australia
The project will house well up to 1,500 residents. It will also create and provide 1,000 full-time construction jobs. Its construction is expected to be completed by 2024 upon which it would have also generated an additional, 100 jobs.
The Managing Director of Greystar spoke about the South Melbourne project. Australia Chris Key said that the Greystar team had been greatly motivated by the project’s progress. The Managing Director also revealed that the project will include 850 square meters of exciting retail space.
Australia Chris Key also noted that the BTR model is based on residential accommodation. Therefore, the project will be purposely designed and built to house long-term tenants. Furthermore, the demand for rental housing of high-quality in inner urban areas, especially in Melbourne, continues to grow. Thus, the project aims to not just meet the rising demands, but to also offer exceptional services as well as bring a new experience.
