State’s largest build-to-rent project opens in South Melbourne

The development consists of three towers containing 700 residences ranging from studios to one-, two- and three-bedroom apartments.

On November 28, global property developer Greystar unveiled its $500 million build-to-rent residential development, The Gladstone.

Residents of The Gladstone will have access to a gym, a Pilates studio, an indoor lap pool and an outdoor lagoon pool, a sauna, remote working spaces, a wine room, a rooftop terrace, an outdoor cinema, a dog park, and a pet spa.

Residents will also be able to book private dining rooms and take part in The Gladstone community events and exercise classes.

The properties, which are located at 15-85 Gladstone St in South Melbourne, are entirely powered by off-site renewable energy.

Leases are being offered from twelve months up to three years.

Rent starts at $600 per week for a studio, and tops out at $1365 for a three-bedroom, two-bathroom apartment.

“The Gladstone marks a significant milestone in Greystar’s legacy as our first official operation on Australian soil,” Greystar CEO Bob Faith said.

Greystar has further plans for other developments in Kensington and Fitzroy, and has said it also hopes to expand interstate.

The company is the largest developer and manager of apartments in the United States and manages more than one million residences and student bedrooms globally.

In developing the site, Greystar partnered with architecture firm Scott Carver, interior design practice Hecker Guthrie, and landscape architecture firm Arcadia.

The site reached structural completion in April this year.

At the time, Greystar Asia Pacific executive director Adam Pillay said, “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.”

As part of the state government’s push for build-to-rent properties, eligible build-to-rent developments completed between January 1, 2022 and December 31, 2031 receive a 50 per cent land tax concession for a period of up to 30 years, as well as an exemption from the Absentee Owner Surcharge. •