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

Global real estate firm Greystar has reached a key milestone on one of Australia’s largest build-to-rent developments in Melbourne’s inner suburb of South Yarra.

The $500 million dual-tower project, located less than 4 kilometres from the CBD, topped out its Yarra Street building on 5 August 2024.

Designed by architecture firm Fender Katsalidis, the development will deliver 617 residential apartments and 2,000 square metres of office space across two towers.

Matt Woodland, Managing Director of Greystar Australia, said the project marks a significant step for Victoria’s build-to-rent sector.

“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,” Woodland said.

The Yarra Street tower will offer 382 rental units with lease options from 12 months to 3 years.

Residents will have access to amenities including a gymnasium, rooftop saltwater spa, games room, private dining areas and co-working spaces.

The Claremont Street tower, which topped out in May, comprises 235 fully furnished units with all-inclusive utilities and WiFi. Lease lengths for this tower range from 3-12 months.

Woodland said the Claremont Street offering caters to renters seeking flexibility, including those on short-term work contracts or between homes.

“This offering is something that simply did not exist in the rental market, until now,” he said.

Victorian Planning Minister Sonya Kilkenny attended the topping out ceremony and praised the development’s location.

“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 said.

She added that Melbourne is “the undisputed build-to-rent capital of Australia” due to government reforms in the sector.

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

The company plans to continue its Australian expansion with four new projects in development across Victoria and New South Wales.