The global build-to-rent round up, 28 July 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 completed its second build-to-rent development. The 48-unit, Oranga Apartments, in Onehunga has attracted interest from 450 parties, looking to rent the one-, two-, and three-bedroom apartments. Rents are set for the first two years and after that rental increases are pegged to inflation. Full article here.

Australia

• Melbourne: Sentinel has purchased a site in the heart of the Melbourne Biomedical Precinct for its second build-to-rent development in Melbourne. The 350-unit development will be Sentinel’s sixth in Australia. Full article here.
• Melbourne:?Lendlease has teamed up with Daiwa, Japan’s biggest homebuilder, to deliver a 45-storey build-to-rent development in Melbourne. Construction on the 797-apartment tower is set to begin in August. The development is located within Lendlease’s Melbourne Quarter precinct and will comprise a mix of studio, one-, two-, and three-bedroom apartments. Full article here.
• Melbourne: Sydney-based investment firm AsheMorgan has lodged plans for what would be Melbourne’s largest build-to-rent development. Plans show 900 apartments across two buildings on a 1,000 sqm site in Docklands. The development, to be known as District Living, is taking advantage of the high demand for rental apartments in the area, with 67% of the population of Docklands renting. Full article here.
• Brisbane: Pellicano have revised plans for an approved 30-storey residential-led mixed-use development, increasing the number of apartments from 320 to 324. 90 of the apartments are earmarked for short-term accommodation, with the remainder managed as build-to-rent apartments. The revised scheme also increases the amount of ground floor commercial/retail space and reduces the number of apartments. Full article here.

Europe

• UK Investment: A research report has found the Q2 2023 investment in the build-to-rent sector was the highest Q2 investment level recorded at ￡1.26B across 18 transactions. Half year investment now stands at ￡2.1B in the UK, only slightly behind 2022 but above all previous years. Full article here.
• ESG: Property specialist Centrick has announced a goal to achieve B Corp certification which is awarded to businesses that are committed to meeting high standards of social and environmental performance, transparency, and accountability. The company says this ambition is most apparent in the build-to-rent sector with their offering as a key focus area for ESG development. Full article here.
• Single-family homes: The PRS REIT has provided an update on activity for Q4 of its financial year, ending June 2023. Occupancy levels sat at 97% with like-for-like rental growth averaging at 7.5% over the preceding 12-month period, up from 5.7% annualised growth in the Q3 period. Full article here.
• London: Get Living has secured planning approval for three applications that form the final part of the East Village master-planned development. Two of the applications give consent to 848 build-to-rent units over two buildings which have been designed to foster community and connections, and to achieve BREEAM Outstanding and Passivehaus certifications. Full article here.
• London: Greystar have submitted plans for a new build-to-rent scheme in Croydon on a site long scheduled for development. The plans show 783 apartments over two towers, 35-, and 47-storeys. Affordable rents at a range of different levels will be pepper-potted throughout the build-to-rent development, with all residents benefiting from the same level of services and amenities, which includes a gym, rooftop gardens and a concierge. Full article here.

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.?