This article is from the Australian Property Journal archive
US giant Blackstone has launched a dedicated build to rent property business in Australia, entering the fast-growing market with its projects in Melbourne and Brisbane.
Known as Realm Australia, the company’s Realm Caulfield property in south-east Melbourne is in advanced stages of development, with completion scheduled for November. Realm Caulfield will have 437 apartments available for rent above the Caulfield Village shopping precinct, including a full-line Coles and 24 other curated lifestyle and hospitality specialty stores, 300 metres from Caulfield station, adjacent to Caulfield Racecourse and Monash University, and less than 15 minutes to Melbourne’s CBD.
Prospective tenants will have a chance to preview and pre-sign from the beginning of September, prior to its official opening.
Meanwhile, Realm Australia’s Brisbane property, Realm Kangaroo Point, opened its doors to tenants in September 2021 and is now fully leased. It has about 300 residents living in a mix of one, two and three-bedroom apartments and penthouses, as well as two and three-bedroom split-level townhouses. As is typical with the build-to-rent sector, they are available for secure leasing on flexible terms and more than half of residents have a pet.
An onsite resident experience team is available seven days a week to attend to tenants’ needs and organize social activities and events.
“We’re committed to prioritising our tenants, providing high-quality service and long-term security, and a large range of amenities designed to enhance their lifestyle experiences and create a sense of community,” said Tom McDonald, a principal in Blackstone’s Real Estate team.
“There’s a growing demand for rented residential properties, which spans across multiple generations. It’s important to have a range of housing types, tenures and price points in the right locations and across the housing continuum.”
Australia’s build-to-rent sector is set to mature into a $9.6 billion market by 2027. Construction of projects already underway is expected to peak in 2022, with 14 major institutional investors currently developing 40 build-to-rent projects nationwide.
Most existing developments either under construction or in planning are in Victoria. Major institutional players and developers active in the market include another US company, Greystar, Mirvac, Investa and Oxford’s Indi, as well as Gurner, Altis, Sentinel, and Hines.
