Hines submits plans for build-to-rent tower in South Melbourne
Image credit: Hines
Global investment manager Hines has lodged plans with the City of Port Phillip for an 18-story tower on Bank Street, South Melbourne. The new building will house 355 apartments and is the company’s third build-to-rent (BTR) project in Melbourne.
Designed by Rothelowman Architects, the project includes a mix of apartment sizes ranging from studio to three-bedroom. The majority of apartments – 166 in total – will be one-bedroom. Submitted plans also detail 355 bicycle spaces and 141 car parks.
The project will help address what Hines believes to be a “shortage of quality rental housing” in the area. Hines’ two other BTR projects are located in North Melbourne and Brunswick.
Submission of plans for Bank Street comes after Hines announced a $1.5 billion partnership with Cadillac Fairview to acquire BTR assets in Australia. The partnership aims to develop, own, and operate best-in-class, international-calibre, purpose-built BTR assets across Australia – and will be seeded by the three projects in Brunswick, North Melbourne, and South Melbourne.
The partnership’s strategy will focus on projects located near transportation, employment hubs, diverse retail offerings, and entertainment centres.
Chiang Ling Ng, chief investment officer for Asia at Hines, explained the interest in Australia: “Both Hines and Cadillac Fairview recognize Australian BTR as one of the most exciting growth opportunities in Asia.”