(MELBOURNE) – Hines, the global real estate firm, today announced its third built-to-rent (BTR) acquisition in Australia located in the established residential suburb of South Melbourne.
15-33 Bank Street and 35-37 Bank Street, South Melbourne will provide for approximately 400 high-quality BTR units providing residents the benefits of being two kilometers away from the city’s central business district (CBD) and within walking distance of the Royal Botanic Gardens, Yarra River, and South Melbourne Market as well as the sought-after university and education precincts. Already well serviced by transportation, this acquisition will be further enhanced with the expected 2025 opening of the ANZAC metro station providing direct access to the CBD and beyond.
The development at 15-33 Bank Street and 35-37 Bank Street, South Melbourne will be Hines’ third acquisition in less than nine months and reflects the company’s commitment to increasing its scale within the Australian BTR market. Prior acquisitions include 10 Ballarat Street, Brunswick and 36-58 Macauley Road, North Melbourne.
“Australian BTR is a key strategic growth market for our firm and investors,” said Sam Bisla, head of living, Australia at Hines. “Our global expertise, coupled with local track record, in residential and BTR development, operations, and investment management has allowed us to secure a portfolio of over 850 BTR units with an end value of approximately A$820 million.”
Hines Australia’s Senior Managing Director David Warneford said, “We will continue to seek high-quality assets in key strategic cities with strong fundamentals to provide outsize rental growth such as Sydney, Melbourne, Brisbane, and Canberra. We believe this project is well-positioned to benefit from the return of population and jobs growth in Melbourne and the shortage of quality rental housing in this location.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management valued at approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 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 31 December 2021