Greystar Secures Approval for First Brownfield Build-to-Rent Project in Kensington

Greystar Kensington Build-To-Rent Approval
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In a groundbreaking move reshaping Melbourne’s build-to-rent landscape, Greystar, the world’s foremost investor in the sector, has secured planning permission approval for its newest venture in Kensington. The green light was granted for a purpose-built mid-rise project featuring 447 apartments at 352-400 Macaulay Road in Melbourne.

This marks Greystar’s inaugural project specifically designed on a brownfield site, strategically situated between Local and Assemble’s ongoing build-to-rent initiatives along Macaulay Road.

The proposed development is poised to introduce 447 build-to-rent apartments, offering a diverse range of options, including studios, 1, 2, and 3-bedroom units. Central to the project is a large courtyard designed to foster health and well-being, incorporating private and shared communal zones, a public pocket park, pedestrian through links, and cafes to enhance community connectivity.

The announcement of the planning permit approval came from the architectural firm overseeing the project, Scott Carver, which expressed excitement about setting a benchmark for urban build-to-rent development.

“Scott Carver are very excited to announce the planning permit approval for 352-400 Macaulay Road in Kensington Melbourne through the City of Melbourne and Department of Energy, Environment and Climate Action. A Build to Rent development for Greystar, and their first purpose-built mid-rise project on a brownfield site that will set the benchmark for urban BTR development.”

Greystar  Built-to-Rent Open
^ Greystar Kensington Built-to-Rent Open Courtyard Render (Image: Scott Carver)

Macaulay Road is rapidly emerging as Melbourne’s build-to-rent hub, with developers such as Local: Residential and Assemble actively progressing their own projects in the vicinity. Greystar’s commitment to Melbourne’s build-to-rent market is underscored by its acquisition of the 9500sq m site early in 2022. With an extensive pipeline featuring four sites in Melbourne, Greystar anticipates delivering over 2000 build-to-rent apartments, representing an investment exceeding $500 million.

Kensington, with its rich historical heritage and contemporary allure, stands as a sought-after residential area, known for its accessibility to the city center and efficient public transportation. Recent planning adjustments within the Kensington precinct are facilitating more mid-rise residential and mixed-use sites. This aligns with the city’s vision of accommodating over 10,000 residents and 9500 jobs in the area by 2025.

The surge in build-to-rent projects along Macaulay Road underscores the positive impact of planning changes and incentives, with construction already underway on several fronts, shaping the future of living spaces in Melbourne. The Greystar Kensington approval will add further to the fastly transforming area.

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