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First build-to-rent project comes to Sydney

Property Markets / Outlook

Australia / Sydney

Mar 23 2018

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Sydney will receive its first built-to-rent project, with Fortis Development Group launching the construction of 17 new apartments for rental in the eastern suburb of Double Bay.

The "Brentwood" project is at 319 New South Head Road, near the Double Bay Village and Edgecliff train station, and will be built with luxury bespoke finishes. 

Fortis will offer two- to three-year leases at Brentwood.

Property NSW released its findings on the benefits of the build-to-rent sector, revealing that 50 per cent of renters in Australia move home every two years. 

While the sector hasn’t been popular in Australia, housing affordability, may lead to a change of heart. 

With depreciation deductions from holding new apartments, a zero vacancy factor and capital growth on the apartments, Fortis developed a net passing yield of around 7 per cent.

Fortis will work with architect MHNDU, interior designers Lawless & Meyerson and landscape architects Wyer & Co on the Brentwood project.

 

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