Labor government celebrates Victoria’s largest build-to-rent project in Fishermans Bend

Minister for Planning Sonya Kilkenny today marked the structural completion of Victoria’s largest build-to-rent development in South Melbourne’s Fishermans Bend precinct. The project, delivered by Greystar Real Estate Partners, includes 700 build-to-rent apartments that will soon be home to around 1,500 renters when it opens later this year.

The development on Gladstone Street supports the Allan Labor Government’s landmark Housing Statement, which aims to enable the construction of 800,000 new homes over the next decade in areas close to jobs, transport, and services.

Thanks to reforms introduced by the Labor Government, Victoria continues to lead the nation in build-to-rent projects, with Melbourne accounting for approximately three-quarters of all build-to-rent projects completed in Australia last year and 73% of build-to-rent apartments nationwide.

Recent reports from property advisory firm Charter Keck Cramer show a rapid increase in the number of build-to-rent projects in Melbourne, with 580 apartments completed in 2023 and 18,200 either under construction or with planning approvals.

To address the rising demand for rentals, the Labor Government is fast-tracking the approval of build-to-rent projects and other forms of residential development that meet planning requirements, as part of the Housing Statement. Eligible build-to-rent developments completed and operational from January 1, 2022, until December 31, 2031, receive a 50% land tax concession for up to 30 years and a full exemption from the Absentee Owner Surcharge.

Minister Kilkenny said, “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.”

Adam Pillay, Greystar’s Executive Director for APAC, added, “Gladstone is our first rental property to open and is part of a strong pipeline of rental properties that we look forward to launching in the months and years ahead.”