The global build-to-rent round up, 20 October 2023

A curation of news highlights from around the globe covering build-to-rent, co-living, and specialised residential assets.

New Zealand

·???????? Auckland: Simplicity Living has announced plans for a 297-unit build-to-rent development scheme in Mount Wellington which is expected to complete in late 2025. The scheme comprises one-, two-, and three-bedroom apartments across five blocks between three and 12-storeys in height atop a common podium. The scheme also includes 222 car parks, nearly 300 bicycle parks, communal living areas and around 8,000 sqm of native landscaping. Full article here.

·???????? Residential rents: Stats NZ rental price index has shown rental price levels have increased 7.2% year-on-year for new tenancies across the country. In Auckland rents have increase 9.4% year-on-year, the strongest growth on record. Full article here.

Australia

·???????? Brisbane: Hong Kong developer, GH Properties, have rebooted a two-tower residential development project in Milton, Brisbane. The development was put on hold in 2019 and would have comprised 286 build-to-sell apartments. The rebooted scheme comprises 349 build-to-rent apartments including eight studio, 115 one-bedroom, 221 two-bedroom, and five three-bedroom configurations across two 25-storey towers. Full article here.

·???????? Brisbane: Arklife will begin construction on its third build-to-rent project in Brisbane in the first half of 2024. The development will comprise 327 apartments, with 1,750 sqm of office space and 680 sqm of retail. The apartment sizes in this development are larger than previous schemes and the company anticipates 15 to 17% of residents will be families. Full article here.

·???????? Melbourne: Developer PDG Corporation has moved forward with its plans for a 42-storey build-to-rent apartment development in Melbourne’s Southbank. The development comprises 434 apartments with amenities including a pool, spa, gym, function space, outdoor living area and dog run, golf driving nets, co-working spaces, library and games room. Oxford Properties will take ownership on completion and the building will be managed by Indi, Investa’s build-to-rent platform. Full article here.

·???????? Melbourne: Australian developer Resimax is establishing a build-to-rent portfolio of three-, and four-bedroom standalone houses in greenfield estates on the outskirts of Melbourne. The privately owned company already has 200 homes occupied by tenants in estates in Eynesbury, Wallan, and Mernda and expects to grow this to 500 homes. The company renting the homes for around 4 to 5% of their values and lawn mowing is included in the service provided by the landlord. Full article here.

·???????? Purpose-Built Student Accommodation: ASX-listed GPT Group is taking over the management of a $1B portfolio of nine PBSA facilities in Adelaide, Brisbane and Auckland (NZ). GPT is taking over from Cedar Pacific, whose 10% stake in the portfolio was bought out by QuadReal. QuadReal now wholly owns the portfolio which has 5,000 beds operated by UniLodge. Full article here.

Europe

·???????? UK: A report from the British Property Federation (BPF) has highlighted the importance of the co-living sector as an emerging asset class and a vital piece in the puzzle to solve the UK housing crisis. The BPF are calling the UK government to formerly recognise the importance of the sector, noting the demand for rental property far exceeds supply and an increasingly diverse supply of new rental property is important in addressing these issues. Full article here.

·???????? Ireland: Developer Quintain Ireland has secured planning permission for a mixed-use village centre scheme in the south Dublin suburb of Cherrywood. The development scheme includes 148 build-to-rent apartments, a 2,700 sqm supermarket, 16 retail and commercial spaces, and a village green. Full article here.

North America

·???????? New York: A New York think tank, the 5Boro Institute, has suggested that turning empty office floors into “flexible co-living” spaces could put a dent in two crises the city faces, a chronic housing shortage and a surplus of office space. The concept would see tenants share communal kitchens and bathrooms but would be more affordable to complete than traditional office to residential conversion projects. Full article here.

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For information, advice, and opportunities in the build-to-rent, co-living, and specialised residential asset classes, get in touch with Colliers Strategic Advisory’s National Director, Alan McMahon, or Senior Analyst, Will Silk.

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