Taylor Troeth, Property Journalist
Updated 9 Jan 2024, 10:07am
First published 9 Jan 2024, 9:52am
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.
Artist impressions of the plans for the Granville build to rent project by Urban Property Group.
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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.
The project consists of 26 storeys and 108 units.
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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.
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Renting
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