US accommodation powerhouse Sentinel Real Estate has flagged plans for a $300 million build-to-rent development in inner-city Melbourne, adding the site to an expanding pipeline backed by a Dutch pension fund.

The US player’s local arm, Sentinel Fund Manager Australia, has bought the Australian Red Cross headquarters on Villiers Street in North Melbourne for about $65 million, The 6526-square-metre site gives Sentinel scope to create a 350-unit rental housing project within a growing biomedical precinct across North Melbourne and Parkville.