Sentinel Fund Manager Australia, part of US accommodation giant Sentinel Real Estate, is to build Adelaide’s first institutional-grade Build to Rent project on a 4000sqm site in a deal with SA Government.
It will build and operate 250 rental apartments in Bowden in Adelaide’s inner-north in a $100 million deal which must irk Daniel Gannon, Executive Director of the Property Council’s Retirement Living Council.
South Australia’s Housing and Urban Development Minister Nick Champion said the Sentinel project would boost housing supply and help ease pressure on renters, something Daniel is keen for the retirement living sector to be part of.
The 16-ha Bowden precinct is the South Australian government’s first higher-density urban infill revitalisation project. It is expected to house more than 3,000 new residents over the coming years.
Sentinel has been active in Australia for almost a decade, in what was then a budding Build to Rent sector market. Under its Kinleaf brand It owns and operates a BTR site Element 27 at Subiaco in Perth (Pictured: Sentinel Real Estate Corp President Michael Streicker with Subiaco Former Mayor Penny Taylor) with a similar venture to open in West Melbourne this year and a 300-apartment project in QLD forming part of its broader $1.5 billion BTR fund in Australia.
