Greystar and Fender Katsalidis’ $500 Million Build-To-Rent Project in South Yarra

Hall & Wilcox has advised Greystar Real Estate Partners on the project.

Greystar Real Estate Partners, LLC – a global leader in the investment, development and management of high-quality rental housing properties – together with Fender Katsalidis announced the planning approval of a new build-to-rent development in the Inner Melbourne suburb of South Yarra. 

This is the largest build-to-rent development ever to receive a permit in Australia, allowing for the construction of 625 units and 2,400 square metres of retail / commercial office space.

The proposal includes two towers over a combined basement, with ground level retail offerings that will activate a pedestrian through-link and contribute to the precinct and neighbourhood amenity. The first 30-storey Yarra Street tower will include 382 build-to-rent apartments and 2,000 square metres of commercial office space. The second 21-storey Claremont Street tower will provide 243 fully furnished, flexible living apartments. The development will deliver a new pedestrian laneway leading to South Yarra train station, which will conveniently connect residents to Melbourne’s CBD in just two stops.

Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally.

Fender Katsalidis is a multi-disciplinary international design firm delivering projects around the globe, with offices in Melbourne, Sydney, Brisbane and a sister-studio in London.

Hall & Wilcox advised Greystar on the planning permit application process, including successful settlement with Council and a neighbouring objector of an appeal to the Tribunal, with a team led by Partner Meg Lee (Picture), assisted by lawyer Matt Hughes. Partner Jim Koutsokostas has also provided advice on proposed tax relief for build-to-rent projects.

Involved fees earner: Matt Hughes – Hall & Wilcox; Jim Koutsokostas – Hall & Wilcox; Meg Lee – Hall & Wilcox;

Law Firms: Hall & Wilcox;

Clients: Greystar Real Estate Partners, LLC;

Author: Sonia Carcano