BTR developers trade South Melbourne site
Build to rent apartment developers have traded a permit-ready South Melbourne site.
Kensington based Local: Residential, established five years ago by ex-Grocon executives Dan McLennan and Matt Berg with Macquarie Asset Management Real Estate, bought 15-37 Bank Street following a campaign launched in the second half of last year.
It paid $46.54 million.
US based Hines was the seller.
The biggest component, 15-33 Bank St, spreading 2874 sqm, was offered by China backed Ousia.
The smaller site was acquired off-market.
The following year, Hines won approval to replace the land with two 18 level towers containing a total 355 dwellings – a mix of studios and with one two and three bedrooms – 141 car parks and 391 bike bays (artist’s impression, top).
CBRE’s Trent Hobart, Andrew Purdon and David Minty were the agents (continues below).
It will be Local’s second BTR project in the suburb; it also behind a 406-unit investment at 245 Normanby Road, due for completion this year.
The group holds a $3.25 billion portfolio with 4000 units.
Some 2156 are operational – worth a total c$1.55b.
Last year it acquired the landmark ex-Commonwealth Games Village, at Southport on the Gold Coast.
That outlay was c$620m.
With that deal, it became the country’s biggest BTR provider.
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