New South Wales’s largest built-to-rent project could rise over the site of the Marrickville Timberyards after the developers – Built to Rent Co, the new spine off from student housing giant Scape – lodged plans for the $1.5 billion development site with the NSW government today.
The application, subject to the State Significant Development Application built-to-rent process, could see 1,200 units built on the 2.2-hectare site – divided into seven apartment towers (no word (yet) if mass timber will feature in the design) along with outdoor space, retail and creative space.
According to Jonathan Combley, Rent to Live Co’s development manager, the build-to-rent model gives companies a much stronger incentive to look at the project’s long-term impact: “We are developers, owners and operators,” Mr Combley told ABC News today. “At (the) Timberyards, we will operate this in perpetuity. The opportunity here is for us to create a precinct and curate it in an ongoing sense.”
He said the new project – Australia’s largest in the now booming build-to-rent sector – is a game changer for Sydney’s inner west “because it unlocks significant housing supply, whilst also providing major public benefits through amenities.”
Speaking to ABC News, Professor Nicole Gurran, an urban planning researcher at the University of Sydney, said the added benefit for renters is the possibility of securing longer-term leases.
“So as long as they can maintain rental payments, they’re not looking at an eviction notice at the whims of their landlord.” However, “international research evidence shows that build-to-rent products are typically premium…so they will include wraparound services, wraparound facilities on site, which appeal to renters but also add to the rental costs.”
The new scheme comes after Wood Central last year revealed that MODEL was using cross-laminated timber to build a series of mid-rise and high-rise build-to-rent assets in Melbourne’s inner north. Starting with a 17-storey 200-apartment tower in Abbotsford and continuing with the redevelopment of the 1880s Schweppes Cordial factory, MODEL has already raised more than $250 million in its bid to build 5,000 or more affordable units using passive design principles.
“By integrating our three core pillars—Passive House Certification, Mass Timber Construction, and a 6 Star Green Star Rating—we are actively contributing to a future where buildings reduce emissions and enhance the well-being of both people and the planet,” according to Rory Hunter, founder and CEO of MODEL.
- To learn more about Australia’s build-to-rent opportunity and the role that lightweight mass timber construction systems can play in driving new supply, click here for Wood Central’s special feature.
