Greystar tops out $500 million build-to-rent project in Melbourne’s South Yarra

Greystar has announced the topping out of one of Australia’s largest build-to-rent developments in the inner Melbourne suburb of South Yarra.

The $500 million dual tower project, located less than 4km from Melbourne’s CBD, will provide 617 residential apartments and 2,000 square metres of office space.

Designed by architecture firm Fender Katsalidis, the development sits on over 3,300 square metres of land in the Forrest Hill Precinct.

The Yarra Street Tower, which topped out today, will offer 382 rental units with amenities including a gym, rooftop spa, games room and co-working space.

Matt Woodland, Managing Director of Greystar Australia, said: “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.”

He added: “The South Yarra development will provide residents with the highest quality rental experience in one of Melbourne’s most desirable suburbs.”

The Claremont Street Tower, which topped out in May, will have 235 fully furnished units with flexible lease terms from 3-12 months.

Victorian Planning Minister Sonya Kilkenny attended the topping out ceremony, stating: “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.”

Kilkenny noted that Melbourne is now “the undisputed build-to-rent capital of Australia” due to recent reforms.

The project is Greystar’s second build-to-rent development to reach completion in Australia in the past four months.

Sean Ryan, Senior Development Director at Greystar Australia, said the company has several other developments breaking ground or topping out in the next 12 months.

Greystar plans to continue expanding in the Australian market with four new projects in development across Victoria and New South Wales.