Victoria has given her approval to build Australia & # 39; s largest rental construction project soon to rise in South Melbourne's Yarra.
The project, which was led by Greystar Real Estate and architectural firm Fender Katsalidis, will see the development of 625 units and 2,400 square meters of retail and commercial office space.
The project layout will include two towers on a combined basement.
The 30-story tower on Yara Street will have 382 rental apartments while the 21-story tower on Claremont Street will house 243 fully furnished and flexible apartments.
Emerging Trend in Rental Construction
Greystar managing director for Australia, Chris Key, said the project aims to help efforts to diversify housing choices in Australia and stimulate the emerging rental construction market.
"This focused design will not only deliver a premier rental build experience to consumers with expertly managed apartments, workspaces, and plenty of amenity areas, but it will also introduce a new innovative flexible living typology to Australian tenants, "said Mr. Key.
Mr. Key believes the rental construction model of the project will not only have positive social and environmental impacts on the housing industry, but also benefit the economy by creating jobs.
During construction of the project, 970 jobs are expected to be created.
About 150 jobs are also expected to be created through the project office, retail and on-site management after completion.
“Although building for rent is an emerging housing product in Australia, we believe it is only a matter of time before this residential sector takes hold as a market. ; Principal investment allowance for institutional investors in the Australian market, "Mr. Key says.
“The Town of Stonnington has worked closely with us to understand the nuances of the rental construction model, and as a result, we have collectively delivered our shared vision for a truly innovative development plan. "
Promoting modern life
Fender Katsalidis director James Pearce said the project promotes modern living among its future residents.
Mr. Pearce said the podium design focuses on enhancing the "pedestrian travel" for the community while the two towers provide residents with views of the surrounding landscape.
The project will also provide residents with a convenient way to access South Yarra Station with a new pedestrian walkway.
Additionally, both towers will have retail offerings on the ground floor.
Mr Pearce said this would help with the development of the compound and the neighborhood.
"Our design is centered on integrating rental and flexible accommodation into the character of the South Yarra neighborhood in Forrest Hill through the incorporation of amenities and focus put on the context of the site, "Mr. Pearce said.
"The towers will be distinct but will achieve cohesion using color and materiality, with the architecture providing the foundation for Greystar to operate many services and deliver a life experience of high quality to its residents. "
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