Greystar tops out second build-to-rent project in South Yarra

Developer Greystar has topped out one of Australia’s largest build-to-rent projects in South Yarra.

The developer, which is also behind the three-tower project nearing completion on Gladstone St in the Montague Precinct, began its South Yarra project in 2022.

The dual-tower $500 million development, located on on Yarra and Claremont streets, has been designed by renowned architecture firm Fender Katsalidis and will offer 617 units once completed.

The Yarra St Tower, which topped out on August 5, comprises 382 rental units and provides residents with a range of amenities and communal facilities including a fully equipped gymnasium, rooftop saltwater spa, games room, private dining areas and state-of-the-art co-working space.

The Claremont St Tower, which topped out in May, has 235 units which come fully furnished with all-inclusive utilities, Wi-Fi, and social and community benefits, and lease lengths range from three to 12 months.

Together with construction partner Hickory, Greystar’s managing director of Australia Matt Woodland hosted a celebration of the Yarra building’s “topping out” on-site, with guests including Minister for Sonya Kilkenny.

"Located in the heart of South Yarra, Greystar’s development is exactly what we need more of – more homes close to great public transport, schools, parks and jobs,” Minister Kilkenny said.

Melbourne is the undisputed build-to-rent capital of Australia thanks to our leading reforms, and we’ll continue to pull every lever we can to enable 800,000 homes of all kinds to be built over the next decade.

Mr Ryan said the topping out was Greystar’s second in four month, and that “the momentum behind our projects and build-to-rent in Australia is heating up”.

“Our decades of experience developing rental housing communities in the United States and internationally is being leveraged in Australia to deliver these landmark residential communities alongside our investors, builders and government stakeholders,” Mr Ryan said.

“In the next 12 months we have several other developments breaking ground, topping out, and most importantly, welcoming residents. It’s great to see our investment in Australia moving forward so strongly.”