The momentum for build-to-rent projects in Sydney is gaining traction, highlighted by a significant $1.5 billion development proposed for the inner west suburb of Marrickville. This project aims to address the housing crisis in Prime Minister Anthony Albanese‘s Grayndler electorate.
The development plans include multiple high-rise buildings and come at a time when housing concerns are emerging as a critical election issue.
The proposal has been submitted by the founders of Scape, Australia’s largest student accommodation provider, whose towers already surround major universities. Their new venture, Rent-to-Live Co, aims to expand housing options nationwide, targeting a goal of 10,000 units.
The developers believe they can navigate the challenges of rising land and construction costs, as well as a sluggish planning system, despite the prevalent anti-developer sentiment in the area.
Additionally, the developer plans to own and manage the entire precinct long-term, which they hope will allow them to provide what they describe as “Westfield standard service meeting a five-star hotel” at affordable prices.
Established in 2023 by Craig Carracher and Stephen Gaitanos, the pioneers behind Scape, Rent-to-Live Co is pivoting to build-to-rent as Australia grapples with a growing rental accommodation crisis, despite various government initiatives to encourage new construction.
The Marrickville site, acquired from long-term landholders under undisclosed terms, will become Sydney’s largest “for rent” property, spanning over 2.2 hectares and featuring more than 1,000 apartments.
Dubbed ‘The Timberyards’, the project will also include over 100 affordable apartments, with roughly half of the ground area designated for public use.
Source: The Australian.
