Greystar has formed a partnership in Australia with property developer UEM Sunrise to develop the first build-to-rent (BTR) project in the inner-Melbourne suburb of Collingwood.

Under the agreement, Greystar will be owner-operator of the proposed BTR project of 400 apartments at 21-53 Hoddle Street, to be developed by the Australian subsidiary of UEM Group, a Malaysia company UEM Group.

UEM paid A$43m for the site in 2020 and last year submitted plans to the local planning authority to build a residential complex offering more than 350 units, with an end value of A$300m.

Planning documents for the latest project are expected to be submitted next month, and, subject to planning and approval, construction is anticipated to commence in mid-late 2024, to take approximately three years.

Greystar Australia managing director, Chris Key, said the Collingwood development, Greystar’s fifth BTR building in Australia, would set a new standard of residential amenities, service, and experience in the vibrant inner Melbourne neighbourhood.

UEM Sunrise CEO, Sufian Abdullah, said: “Moving into Melbourne’s burgeoning build-to-rent market marks a new chapter for UEM Sunrise as we continue our active expansion in the Australian market.

“We’ve seen significant demand for Build to Rent projects as people seek out more housing options, as well as the sense of a long-term community.”

UEM Sunrise director, Australia, Chee Wei Ong, said that as Collingwood’s first BTR development, it was hoped the project would set a new benchmark for residential-led mixed-use offerings in the suburb.

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