This article is from the Australian Property Journal archive
AWARE Real Estate has secured a major inner Sydney housing development from US giant Barings, in the latest addition to the industry superannuation-backed group’s growing BTR portfolio.
Located in Sydney’s inner south, Zetland will comprise 135 apartments made up of almost 80 two-bedroom apartments, with one-bedroom and three-bedroom apartments making up the balance.
“This site ticks every box for us. It’s a highly desirable location, a short walk from key transport services including Green Square Station, and it’s close to other important urban infrastructure and major employment hubs. Shops and other key amenities are also within easy walking distance, and it’s less than 5km from Sydney’s CBD and Sydney Airport,” said Michelle McNally, chief executive at Aware Real Estate.
”In short, it’s an ideal addition to our portfolio – a development that will prove popular with residents while offering excellent prospects for growth, helping us in our aim to deliver stable long-term returns for Aware Super members.”
The project will also include communal space on the ground levels, a gum, resident lounge, music room and rooftop barbecue area.
“It’s no secret there’s a desperate need for more housing across Australia, and in Sydney that need is particularly acute,” said Deanne Stewart, chief executive at Aware Super.
“This development is a wonderful example of how Aware Super can and does play an important role in providing such crucial infrastructure at the same time as we aim to deliver strong risk- adjusted returns for our 1.1 million members.”
Aware Real Estate, owned by industry superannuation fund Aware Super, was launched in 2022 and expects to have a $7 billion portfolio of assets within the next three years across the living, industrial, office and mixed-use sectors.
Investment manager Barings will play a key role as development manager at Zetland, with Barings’ real estate investment management team having been a long-term partner of Aware Super and Aware Real Estate after Barings acquired Altis Property Partners in 2022.
“We have been working with Aware Super for over a decade and have a deep collaborative relationship,” said Alastair Wright, head of Asia Pacific at Barings.
“We are excited to be working with Aware Real Estate to support the delivery of quality BTR residential apartments at Zetland and are determined to be part of Australia’s housing supply solution.”
With a construction value of around $80 million, the Bourke Street project is expected to be completed by late 2025.
