South Yarra build to rent reveal by Greystar

The Fender Katsalidis approved design for a new build-to-rent development in South Yarra has been revealed. It is the largest build-to-rent development to receive a permit in Australia, allowing for the construction of 625 units, the developer Greystar advised. The proposal includes two towers over a combined basement, with ground level retail offerings that will activate a pedestrian through-link and contribute to the precinct and neighbourhood amenity. The first 30-storey Yarra Street tower will include 382 build-to-rent apartments and 2,000 square metres of commercial office space. The second 21-storey Claremont Street tower will provide 243 fully furnished, flexible living apartments. There will be 2,400 square metres of retail / commercial office space. The development will deliver a new pedestrian laneway leading to South Yarra train station. “Our design centres on integrating build-to-rent and flex housing into the character of South Yarra’s Forrest Hill precinct through the incorporation of amenity and a focus on the site’s context,” said James Pearce, Director at Fender Katsalidis. “The towers will be distinct but achieve cohesion using colours and materiality, with the architecture providing the foundations to allow Greystar to operate numerous services and provide a high-quality living experience for its residents,” said Mr Pearce. The podium design focuses on enhancing the pedestrian journey for the community while the two towers above are a composition of interlocking, elegant slender forms that maximise views for residents. Greystar acquired the two adjoining properties on Yarra and Claremont Streets in February 2020, with this development capitalising on two of the last remaining development sites of scale in the sought-after Forrest Hill Precinct. “This build-to-rent project is an important step in Greystar’s strategic vision of unlocking complex development sites to bring high-quality housing options to a broader spectrum of the rental population,” noted Chris Key, managing director for Greystar in Australia. The development will create 970 jobs during the construction phase, and a 150 further jobs through the office, retail and on-site management components post-completion. Headquartered in Charleston, South Carolina, Greystar manages and operates an estimated US$220 billion of real estate in more than 210 markets globally including offices throughout the United States, United Kingdom, Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing more than 748,000 units/beds, and has a robust institutional investment management platform with approximately US$45.1 billion of assets under management, including over US$21.3 billion of assets under development. Greystar was founded by Bob Faith in 1993.