Allens has advised leading Malaysian property developer UEM Sunrise Berhad on the sale and development of a site in Collingwood for the area’s first build-to-rent development.
Under the fund through structure on which the firm advised, UEM will sell the property to Greystar and will be appointed developer and delivery partner to construct approximately 400 apartments across two buildings.
Valued at approximately $277 million, the project will be the first build-to-rent development in inner Melbourne’s Collingwood. It will also include a vibrant town square featuring dining, retail and essential services, as well as extensive green space.
‘We continue to see build-to-rent come into its own as an asset class off the back of tax reforms and as an important lever in Australia’s housing affordability crisis,’ said lead partner Tim Chislett.
‘Congratulations to UEM and Greystar on the launch of this exciting project, which will provide important additional housing options and urban renewal in Melbourne’s inner north.’
Allens is a market leader in build-to-rent, having advised on some of the most significant projects and fund establishments to date in the sector, including the first build-to-rent fund-through arrangement for Mirvac’s Queen Victoria Market project and the establishment of the Greystar Australian Multifamily Vehicle.
