Developer apt.Residential snaps up prime urban infill site at Ultimo for build-to-rent project

Property developer apt.Residential is looking to make a big splash with a build-to-rent project in inner Sydney.

Artist's impression of apt.Residential's planned build-to-rent project at Smail Street, Ultimo

Property developer apt.Residential has snapped up a prime urban infill site in inner Sydney’s Ultimo that will allow it to expand its planned build-to-rent project.

The company bought the 41–49 Mountain Street site from an Ausgrid subsidiary. It adjoins its recently approved heritage redevelopment at 1-3 Smail Street, Ultimo – apt.Broadway.

The buy consolidated apt.Residential’s position in one of Sydney’s key inner-urban locations and sets the stage for its $240m-plus residential and retail project.

The development will revitalise a former Grace Brothers warehouse and the adjoining heritage-listed electrical substation on Smail and Mountain streets.

Spanning 2840sq m of land, the projects will have 260 rentals, comprising 160 apartments at 1-3 Smail Street and a further 100 apartments at the newly acquired Mountain Street site. Construction on Smail Street is expected to begin later this year, with completion targeted for late 2026.

Affordable housing and new retail spaces fronting both Smail and Mountain streets will be included, and up to 225 jobs will be generated during construction and operation.

The sites are near major education, health and innovation hubs including the University of Sydney, University of Technology, Royal Prince Alfred Hospital, and the new Tech Central precinct, and are walking distance to Broadway Shopping Centre and Central train and bus stations.

apt.Residential managing ­director Matt Carolan said the acquisition would create a new precinct that transforms two underutilised inner-city assets into a connected residential and retail destination. A portion of the apartments will be allocated to workers in the creative and performing arts sectors.

Apartments will be fully furnished, with utilities and internet included. Residents will have ­access to premium lifestyle amenities including a wellness centre, co-working hub, communal dining areas and a rooftop ­terrace.

In February, apt.Residential’s other build-to-rent and retail precinct, on Sydney’s Meadowbank peninsula, began. That 7773 sq m site at 1-20 Railway Road will be developed into two elements.

The retail centre, Meadowbank Corner, will be anchored by a 2500sq m Coles supermarket and 15 speciality retailers.

The living component, apt.Meadowbank, will have 291 apartments across four buildings.