This article is from the Australian Property Journal archive
NATIONAL property developer Goldfields has officially entered Australia’s nascent build-to-rent sector, with construction underway on its $350 million complex in the inner Melbourne suburb of Windsor.
Located between the lifestyle precincts of Windsor, Prahran, and St Kilda, on the corner of Raleigh Street and Punt Road, the interconnected 15-storey double tower will host 348 studio, one-, two- and three-bedroom apartments and extensive resident amenities – including rooftop pool and basketball court, dog park, gym, co-working spaces, cinema room, private dining, bar and lounge areas, and private lobby.
Goldfields acquired the 4,350 sqm site in September of 2020 from aged care provider Jewish Care Victoria, and quickly mooted plans for a $270 million luxury apartment complex before changing tack to build-to-rent.
Basement excavation is now complete at what it has named The Raleigh, where completion is expected in the June quarter of 2026.
“Windsor is a highly sought after pocket of the city fringe with significant depth of demand and opportunity for growth,” said Goldfields’ managing director, Marco Gattino.
“We believe in this precinct, its desirability, and our ability to bring a world-class building to this incredible neighbourhood.”
Gattino said Australia is suffering from a multi-decade housing underbuild with “pressure growing every day for developers, builders, and landlords to do more to ease the strain”.
“Our expansion into BTR will help improve Melbourne’s rental affordability by injecting much needed, high quality apartment stock into a tight market experiencing huge undersupply.”
Goldfields working with Merricks Capital on the project. Merricks Capital was a major funding partner on its $400 million commercial office tower in South Yarra, Goldfields House.
Merricks Capital’s head of private credit, Dan O’Donoghue said the supply demand fundamentals supporting the project are strong, with historically low vacancy rates and a forecast shortage of new homes.
“Build-to-rent is an exciting new element of the Australian property landscape.”
Other major project partners include Maxcon Constructions, Webber Design, and Fraser and Partners.
Out of the middle
Australia’s growing build-to-rent market has largely centred around Melbourne, where a number of projects have sprung up in and around the CBD. Construction has kicked off at Lendlease’s new $500 million development in Docklands, which is also where Victoria’s Allan government recently approved AsheMorgan’s 925-apartment project plans.
Earlier this month, Model unveiled plans for its second build-to-rent project in the inner north-east suburb of Abbotsford with the adaptive transformation of the former Schweppes Cordial Factory.
Sensing the sector’s potential to deliver sorely-needed housing supply, the Albanese government proposed tax incentives for build-to-rent developers a year ago – which, after haggling with the Greens, was finally waived through the Senate this week.
