This article is from the Australian Property Journal archive
DEVELOPER Third.i and Phoenix Property Investors are bringing Build-to-Rent to Stage 2 of their Hume Place project in Crows Nest, following both local and international interest in the launch of Stage 1.
Stage 2 will be delivered as a BTR offering with circa 476 apartments, with around 60 units to be earmarked for affordable housing for frontline and key essential healthcare workers.
The asset will feature wellness amenities and communal including a health & wellness centre, golf simulator, co-working space, cinema, rooftop bar, pool and music rooms.
“Stage 2 at Hume Place is set to become a market-leading build-to-rent asset, generating significant interest both locally and internationally,” said Robert Huxley, Co-founder of Third.i Group.
“As we develop Stage 2, our focus will be on delivering not only stylish and sustainable living spaces but also amenities that foster a sense of community and well-being, ensuring that Hume Place meets the needs of modern urban dwellers.”
Cushman & Wakefield has been appointed to manage sales at Stage 2 of Hume Place, with international institutional capital already enquiring about the asset.
“As cities grow and populations increase, the demand for flexible, high-quality rental options has surged,” said Josh Cullen, international director & head of capital markets, Australia and New Zealand at Cushman & Wakefield.
“Build-to-rent developments such as Stage 2 at Hume Place are designed to meet this demand by offering a diverse range of apartment sizes and layouts that cater to various demographics, from young professionals to families and essential workers.”
Meanwhile, the launch weekend of Stage 1, Elevate, nearly 6,000 leads and more than 300 appointments were generated, thanks to the project’s location and connectivity to the CBD.
“Crows Nest stands out as one of Sydney’s most connected locations, thanks to the new Metro station that places residents just seven minutes from the CBD,” added Huxley.
“This exceptional connectivity, combined with the suburb’s affluent demographic and anticipated population growth, creates a compelling case for a luxury build-to-rent offering. We are witnessing strong demand from investors who recognise the potential for high-quality rental options in this vibrant community.”
With CBRE and PropTrack data showing suburbs along Sydney’s Metro line have experienced a 49% increase in capital value over the last 10 years, outperforming comparative suburbs by 5% on average.
25% of interested buyers were from Asia and looking for housing their children studying in Sydney.
With another 25%, Australian passport holders or permanent residents looking for personal accommodation and the remaining 50% comprising investment-focused buyers, particularly from Singapore and Hong Kong.
“We have been overwhelmed with interest for Elevate Hume Place, with 6,000 leads so far and around 300 groups visiting the display suite on our opening weekend alone,” said Luke Berry, co-founder and director at Third.i Group.
“This remarkable interest underscores the demand for quality living spaces that offer exceptional connectivity, particularly with the Crows Nest Metro station providing direct access to the CBD in just seven minutes. The combination of stunning architecture and the convenience of urban living has truly resonated with both local and international buyers.”
In the growing BTR market, works are now underway on Lendlease’s new $500 million BTR development on Melbourne’s Docklands, with more than $45 million is expected for a listed permit-approved BTR development in inner-city Melbourne and Ontario Teachers’ Pension Plan and Hines snapped up two assets in a circa $350 million deal.
