- Australia: The Gurner-Qualitas build-to-rent platform has finalised plans for its first Sydney development, in Parramatta. If approved the $450M development will offer 385 apartments in a 61-storey tower in the centre of the city. The development partnership has plans for 5,000-unit portfolio in Australia with two projects already underway in Melbourne. Full article here.
- Australia: The Australian Capital Territory (ACT) Government is pushing build-to-rent as a solution for housing affordability in the state with announcements being made in the years ACT Budget. Financial incentives such as tax breaks, duty concessions and grants are potentially to be offered with a pilot project currently in the pipeline. Full article here.
- UK: Joint venture partners PSP Investments, QuadReal Property Group and Unibail-Rodamco-Westfield (URW) have announced the first stage of Coppermaker Square, a build-to-rent development in East London, set to open in January 2023. The development, located adjacent to Westfield Stratford City and Queen Elizabeth Olympic Park, will be managed by Greystar and when fully complete will offer 1,225 new build-to-rent units over nine residential buildings. Full article here.
- UK: Developer EcoWorld London has completed its second build-to-rent development at Kew Bridge, Brentford as part of a 2018 deal with Invesco to deliver homes worth ￡400M. The 487-unit development was completed in July and over 50% of units have already been leased or reserved. Full article here.
- UK: The average age of co-living tenants in London has risen to above 30 years old (30.6) for the first time according to co-living operator Built Asset Management (BAM). This has risen by 7 years, since 2017 when the average age of a tenant was 23.9 years old. This shift in age is attributed to a shift in attitude towards co-living options by tenants. Full article here.
- Denmark: A Danish living concept LIVING BY ALFA was named the Best Emerging Co-Living Concept at the 2022 International Co-Living Awards. The development, currently under construction, is inspired by other successful communities and concepts from around the world and is formed as a collaboration between the real estate and hospitality industries. Full article here.
- Singapore: Some expats returning to Singapore are opting for co-living options as rents in the city have risen by up to 40%. Traditional long-term leases have been taken up in large numbers by returning expats and corporate travellers since the city relaxed border measures earlier in the year. Co-living option have been providing more flexibility and more affordable rates in the city. Full article here.
- Japan: CapitaLand Investment’s, The Ascott, is acquiring an existing asset in Tokyo, Japan through its private equity fund with the Qatar Investment Authority. The building will be refurbished into a 140-unit co-living development to be named lyf Ginza Tokyo. This is the fund’s fourth acquisition this year having invested S$400M in five months. Full article here.
- USA: Harbour Group International (HGI) a privately owned investment and management firm has recently expanded its multifamily portfolio with the purchase of three mid-rise build-to-rent communities in Long Beach, California. The Long Beach Coastal Collection was purchased for US$180M with a total of 348 apartments. Full article here.
- USA: Outdated and under-occupied office properties in the USA are prime targets for investors with multifamily adaptive reuse in mind, according to industry expert Jamie Gold. While there can be unexpected costs to remediate older buildings, many are in good locations for conversion to apartments. Sustainability objectives can also be more easily achieved through reduced carbon emissions as a result of re-using the existing structure. Full article here.
For more information or advice on build-to-rent, co-living, and specialised residential projects and assets, get in touch with Colliers Strategic Advisory’s National Director, Alan McMahon, or Senior Analyst, Will Silk.?
