Greystar marks biggest build-to-rent project in Australia’s history

A $500 million build-to-rent development in South Melbourne’s Fishermans Bend precinct has been completed, making it the biggest of its kind in Victoria.

The residential project on Gladstone St by US developer Greystar consists of three towers totalling 700 new apartments, providing a home for about 1500 renters.

The development, which officially opens in September, has 4600 square metres or 11 basketball court sized spaces of “best-in-class” shared amenities.

This included health and wellness facilities, dining and lounge areas, a children’s playground, pet facilities, and working spaces. There is also 775 square metres of retail space.

Greystar’s executive director Adam Pillay said, “The Gladstone will be a wonderful contribution to the local community and provides a rare opportunity to live at the heart of one of Melbourne’s most historic and revitalized areas”.

“At Greystar, we remain committed to supporting diversity of choice in housing supply during this period of high demand,” he said.

The 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.

Greystar unveiled the structural completion of its Australia-first project at a celebratory ceremony on March 3, which was attended by Minister for Planning Sonya Kilkenny and City of Port Phillip Mayor Heather Cunsolo. 

“Victoria is leading the nation when it comes to build-to-rent thanks to our planning and tax 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,” Ms Kilkenny said.

"We need more homes where people want to live - this development does just that - offering rental homes close to transport, schools, parks and of course the iconic Yarra River.”

Developer Greystar announces the completion of its build-to-rent project in South Melbourne.

The development supports the state government’s Housing Statement, allowing 800,000 new homes to be built over the next decade.

Fishermans Bend is Australia’s largest urban renewal precinct and is set to be home to about 80,000 residents and 80,000 jobs by 2050.

Greystar will retain ownership of The Gladstone and deliver security of tenure, hiring an onsite team of 19 dedicated staff when it opens later this year.

While The Gladstone is the first Australian project Greystar will complete, it is also undertaking BTR developments in South Yarra, Kensington, Fitzroy and Collingwood.

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