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Park Sydney residential may become build-to-rent

Property Markets / Planning, Zoning, Infrastructure

Australia / Sydney

Mar 09 2018

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One of the residential buildings at Park Sydney may be turned into build-to-rent apartments, by developers Greenland and Golden Horse.

There are nine residential buildings at the $1.6 billion development, within which the two developers have earmarked one of the 200 unit towers to become a rental property sometime during the seven-year-project, which has so far seen 325 apartments go up for sale.

It is understood leases would be flexible, covering short-term and standard arrangements, along with Airbnb-styled homes.

But sources say the Chinese-backed Greenland and Golden Horse don’t intent to rent the properties long term, and would still be prepared to sell.

Gold Horse bought the site from Goodman group for $380 million in 2014, striking a joint venture deal with Greenland in 2016.

Built-to-rent has gained traction in both Sydney and Melbourne with market prices forcing many
would-be home buyers to consider rentals.

 

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