State’s largest build-to-rent project to open doors this weekend
A housing development in Kingston will bring a ‘welcome injection’ of over 50 new homes to a tight rental market. Inspect on Saturday
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RENTERS will get their first look at 51 townhouses this weekend ahead of their launch to market in mid-March.
Kingston’s Moir Road Estate is the largest build-to-rent development in Tasmania, adding three four-bedroom townhouses, 34 three-bedroom townhouses and 14 two-bedroom townhouses to the rental pool.
Rental rates for the townhouses will range from $440 to $650 per week.
Construction on Moir Road Estate started in early 2023 after the site was sold to a local developer in a deal negotiated by Knight Frank agents, George Burbury and Tom Balcombe.
Completion of the homes is imminent.
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Knight Frank head of residential project marketing George Burbury said, having initially sold the site to the developers in 2021, the agency had worked with the developers from project conception through to completion.
“We now look forward to welcoming the first occupants to the properties in March,” he said.
“This is the largest BTR project in Tasmania, and we expect it will be the start of many more to come.”
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Knight Frank head of residential property management Robbie Yeoland said the project was “hugely significant”, and a great indication of the confidence developers have in the Tasmanian market.
“It’s also a welcome injection of dwellings into our sought-after housing market,” she said.
“Tasmania has been experiencing a shortage of homes, and Moir Road Estate will help to deliver more much-needed housing.
“We expect strong demand for these homes, with renters drawn to a high-quality product in a great location.”
Spokesman for the developer, Matthew Sly, said the decision to undertake a build-to-rent project in Tasmania was based on strong demand in the residential rental market and the long-term returns on their investment.
Per PropTrack, Hobart’s January rental vacancy rate remained tight at 1 per cent, which was lower than Sydney, Melbourne, Darwin and Canberra. A healthy rate is considered to be 3 per cent.
Meanwhile, research from Suburbtrends has forecast large rental price rises for Hobart units and steady to slight increases for houses by the year’s end.
The Moir Road Estate open day will be held this Saturday, February 24, from 1pm-3pm at No.39 Moir Rd, Kingston.
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