The ASX-listed Sydney-based diversified property developer has announced it will join Build to Rent developers from near and far and develop three towers of about 485 apartments in the second stage of its M_Park (pictured) life sciences and technology precinct at Macquarie Park, 13km northwest of Sydney’s CBD.
As we have reported, Build to Rent is attracting interest from retirees that would have traditionally looked to retirement villages – impacting the potential growth of the sector.
Stockland told The Australian it was pushing ahead with a revised plan for the second stage of the precinct and it remained committed to driving investment in the health, education, and technology sector aspects of the overall park.
The area for the Build to Rent was meant to be an office focused precinct.
“The new proposal will enhance land use on the site by delivering a mixed-use precinct which includes build-to-rent, retail and office as well as lifestyle amenities and activation to support an 18-hour economy,” Stockland said.
Lendlease announced in February it would build its first Build to Rent: a 37-storey, 443-unit BTR tower built at Brisbane Showgrounds. Mirvac is the Australian Build to Rent pioneer with five projects in NSW, VIC, and QLD.
US giants Greystar and Sentinel Real Estate and Canada’s Brookfield are all driving Build to Rent in Australia.
