This article is from the Australian Property Journal archive
PROPERTY group Aqualand is planning its first build-to-rent project, above its existing commercial building in North Sydney, amidst the ongoing rental shortage.
Located at 146 Arthur Street in North Sydney, the proposed 40-storey project will see approximately 300 apartments available for rent above a ground floor retail and commercial precinct.
“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, including a sky deck, lounge area/bar, pool, gym, workspaces and communal dining room,” said Jin Lin, group managing director at Aqualand.
Aqualand recently had a Secretary’s Environmental Assessment Requirements (SEARs) application issued in order to develop the project.
“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,” added Lin.
“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.”
The project will be placed within the centre of the North Sydney CBD, sitting 400 metres from North Sydney Station and 250 metres from the future Victoria Cross Metro Station.
“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,” concluded Jin.
The build-to-rent could have the potential to moderate nationwide rental stress, with investors looking to position for a recovery in residential volumes and earnings are best to put their money in apartments and build-to-rent rather than house-and-land, according to UBS.
With a recent report released by Oxford Economics Australia said strengthening investment in the build-to-rent sector would limit the forecast decline in attached dwellings construction.
