Aqualand make first play in build to rent sector in North Sydney
Leading Australian property group Aqualand is in the early stages of planning its first build to rent project, with the company adding the burgeoning housing model to its portfolio to assist in easing Sydney’s high-quality rental shortage.
The project, which is planned to be built on the site of Aqualand’s existing commercial building at 146 Arthur Street in North Sydney, has recently had a Secretary’s Environmental Assessment Requirements (SEARs) application issued.
The proposed 40-storey project will see around 300 apartments available for rent above a lively ground floor retail and commercial precinct in the heart of the rejuvenated North Sydney CBD, just 400 metres from North Sydney Station and 250 metres from the future Victoria Cross Metro Station.
Aqualand sees the move of adding build to rent to its growing range of property offerings as a natural pivot to help alleviate the restricted rental market, which is an increasingly important segment of the local housing sector, by helping to address the rising demand for rentable, high quality and professionally managed residences.
“We look forward to being committed to our future residents by providing them with a high-quality rental product with a large range of amenities and services designed to elevate their lifestyle experiences and create a strong sense of community," Jin Lin, Aqualand’s Group Managing Director, said.
The redevelopment will include a sky deck, lounge area/bar, pool, gym, workspaces and communal dining room.
“Given the model’s popularity overseas, we’re keen to see it grow here, where there’s a growing need for local residents to secure long-term tenancies that offer a large range of amenities,” Lin added.
“Whilst the preference for rented accommodation has traditionally been strong with younger generations, the demand for high quality rental product now spans across multiple generations.
“We are already deeply committed to the North Sydney council area, as evidenced by our AURA by Aqualand residential project at 168 Walker Street, which is set to open in mid-2024, and our award-winning BLUE at Lavender Bay which was completed in 2021.
"We also have other commercial assets in North Sydney, including 15 Blue Street and 132 Arthur Street, which are potential future redevelopment sites. Etymon Projects, the lifestyle and hospitality brand in the Aqualand Group, is bringing world-class hospitality venues to the North Sydney market with Loulou Bistro in Milsons Point, Poetica opening soon at 1 Denison Street and four new venues planned at AURA to open next year.
“These key projects are set to make a significant contribution to the vibrancy of the 18-hour economy in this important CBD precinct, which is in the midst of a major rejuvenation.”
