Greystar Tops Out Second Build-to-Rent Development in inner Melbourne South-East

Greystar, a global leader in the investment, development and management of real estate, including rental housing, logistics, and life sciences, has recently announced the topping out of one of Australia’s largest Build-to-Rent (BTR) projects in the premier Melbourne inner-city suburb of South Yarra.

Located less than four kilometres from Melbourne’s CBD in the highly sought after suburb of South Yarra, the AU$500 million development on Yarra and Claremont Streets is Greystar’s second BTR project in Australia to reach completion in the past four months. 

Completing the largest undeveloped landholding in the Forrest Hill Precinct, the dual tower development sits on more than 3,300 square metres of land and will deliver 617 residential apartments and 2,000 square metres of office space. Designed by renowned Australian architecture firm Fender Katsalidis, the development commenced in 2022. 

Yarra Street Tower, which tops out today, has 382 rental units. It provides residents with best-in-class amenities and communal facilities including a fully equipped gymnasium, rooftop saltwater spa, games room, private dining areas and state-of-the-art co-working space. Residents living in this tower can choose lease lengths from 12 months to 3 years, offering unprecedented security and a peace of mind for renters who choose to make a Greystar build-to-rent development their home.

Claremont Street Tower, which topped out in May, has 235 units come fully furnished with all-inclusive utilities, Wi-Fi, and social and community benefits. Lease lengths range from 3-12 months. Claremont Street is an innovative offering designed for renters seeking flexibility and convenience. 

Ground plane retail space stretches across both towers, activated by a new laneway connecting the Yarra and Claremont Street developments. 

Together with construction partner Hickory, Greystar’s Managing Director of Australia Matt Woodland hosted a celebration of the Yarra building’s ‘topping out’ on-site, with guests including Victorian Planning Minister, the Honourable Sonya Kilkenny, future residents and 40 stakeholders in attendance.

“Reaching this milestone marks a pivotal juncture in the advancement of Victoria’s Build-to-Rent market and the growing availability of quality rental accommodation for residents. The South Yarra development will provide residents with the highest quality rental experience in one of Melbourne's most desirable suburbs,” said Matt Woodland, managing director of Greystar. 

“The on-site amenities and entertainment options are of Greystar’s most exceptional standard, from the outdoor spaces, private lounges, bar, gaming spaces and cinema, to state-of-the-art remote working facilities and wellness spaces, not to mention flexible leases."

Still, the world-class amenities are only one part of the Greystar offering. Globally, Greystar is renowned for its deep experience with operational management of properties. 

“Our business model relies on our residents receiving great service from us,” Matt continued.  

“This level of service is something that Australian renters have never experienced before from a landlord, and we’re thrilled to bring this experience to our first residents.

“The topping out of Greystar’s South Yarra project represents an important shift forward in the residential property market and the improved experiences that renters can start to expect from Greystar’s Build-to-Rent developments. We’re incredibly excited to be at the forefront of this evolution.”

Minister for Planning, Sonya Kilkenny said, "Located in the heart of South Yarra, Greystar’s development is exactly what we need more of – more homes close to great public transport, schools, parks and jobs.

“Melbourne is the undisputed build-to-rent capital of Australia thanks to our leading reforms and we’ll continue to pull every lever we can to enable 800,000 homes of all kinds to be built over the next decade.”