(MELBOURNE) – Global real estate firm Hines today announced plans for its second built-to-rent (BTR) development in the prestigious residential suburb of North Melbourne.
36-58 Macaulay Road, North Melbourne will provide for over 220 BTR units of the highest design and quality. The future residents will benefit from proximity to the central business district (CBD,) with the green open spaces of both North Melbourne Recreation Reserve and Gardiner Reserve being at its doorstep as well as the best retail and entertainment amenity that this leafy residential pocket has to offer.
Following closely on the footsteps of Hines’ first acquisition 10 Ballarat Street, Brunswick, 36-58 Macaulay reflects Hines’ commitment and appetite to increase its scale within the Australian BTR market. Boasting a wealth of global experience in the sector, Hines continues to seek projects that capitalize on their international knowledge and track record of the BTR sector to provide Australian tenants a world-class living experience.
“We are very excited to continue to expand our efforts in the BTR space with our second BTR project in Australia,” said David Warneford, senior managing director and country head of Australia at Hines. “Hines has deep global expertise in residential and BTR development, operations and investment management, with substantial platforms in the US and Europe. Our expertise coupled with the local track record that Sam Bisla, our head of living for Hines Australia, provides will continue to allow Hines to excel in this area and set a new standard of living in this continent.”
JLL together with Colliers handled the transaction for 36-58 Macaulay. JLL’s Executive Director of Capital Markets (Victoria) Josh Rutman said, “Melbourne’s residential affordability issues are well documented and sites capable of accommodating more than 200 units in key affluent residential pockets are rare, so it’s no surprise that sophisticated groups like Hines are actively seeking to acquire well located inner-city landholdings like this for build-to-rent projects”
This project represents Bisla’s second acquisition since joining Hines as the new head of living in the second half of 2021. Tasked with leading the establishment of the BTR platform, 36-58 Macaulay marks another pivotal step toward positioning Hines as a leader in that sector.
“Australian BTR is a key strategic market for growth for our firm and investors globally; therefore, we are thrilled to be growing our platform in the region" commented Bisla. “36-58 Macaulay will deliver one of the highest-quality BTR projects in one of Melbourne’s most attractive residential locations, and with Hines’ global commitment to the best ESG practices, this project will place a strong emphasis on creating enduring spaces committed to the highest standards”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 255 cities in 27 countries. Hines oversees investment assets under management totaling approximately $83.6 billion¹. In addition, Hines provides third-party property-level services to more than 367 properties totaling 138.3 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,486 properties, totaling over 492 million square feet. The firm currently has more than 171 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2021.