‘Greater choice’: property group pours $1b into build to rent projects
Urban Property Group have funnelled $1 billion into ‘build to rent’ projects. Could this be the new year solution to Sydney’s struggling rental market?
A new ‘build-to-rent’ development is coming to Sydney’s west with Urban Property Group pouring $1b into build to rent projects.
As Sydney’s house prices continue to rise, rental markets are expected to continue to tighten with the first homebuyer dream etching further for many property seekers.
The share of rental properties vacant and available in Sydney remains 59 per cent lower compared to the start of the pandemic, according to PropTrack data reported in November 2023.
Urban Property Group is continuing to funnel money into developments in the space, with an estimated $1 billion worth of build to rent projects in the pipeline.
MORE: $1m house Lotto: 40+ suburbs crack NSW millionaires club
Urban Property Group chief operating officer Mark Elias said their strategy was to develop “premium residential offerings” in transport oriented communities, with the needs of renters at the centre.
“Build to rent often incorporates amenities such as an on-site concierge to manage parcel deliveries, generous communal open spaces, separated flexible workspaces, and certain design inclusions to simplify daily use as well as the move-in and move-out processes,” he said.
Build to rent is an alternate for renters, taking the fear and uncertainty away from leasing off a landlord that may hike prices or terminate the lease if they decide to sell up.
Urban’s latest project is their third build to rent in the pipeline, with construction set to commence in March this year.
The site is on 1494 sqm opposite Granville Place Retail Plaza and next to Granville train station. It features a 26 storey building with 108 residential apartments and two retails shops.
MORE: Jana Pittman reveals move to ‘forever home’
Singo reveals next big move after new love and home
Mr Elias said the sector delivered important optionality and benefits compared to more traditional owner/landlord models.
“This will also help to generate economic activity in areas where people can afford to live and address the widening inequality gap in Sydney’s housing market as the cost-of-living crisis makes it ever more challenging for families and everyday people.”
The building will have 19 one bedroom units, 80 two bedroom and nine three bedroom.
Urban’s other build to rent projects are located in Penrith, Edmondson Park and Parramatta.
“There continues to be a move away from Sydney’s CBD into peripheral cities like Paramatta and our developments seek to create spatial equity and greater choice,” Mr Elias said.
MORE: ‘Extraordinary’ coastal church conversion up for grabs
Originally published as ‘Greater choice’: property group pours $1b into build to rent projects