Oxford Properties Group (‘Oxford’) and Investa today announced they have received development approval from the Independent Planning Commission (IPC) for the first build to rent building in the Sydney CBD, a new residential development above the South entrance of the Sydney Metro Pitt Street Station.
The development will deliver an innovative, sustainable, purpose-built build to rent residential building that will create an unmatched rental experience for residents in the Sydney CBD. The approval is a major milestone for the project and is the first step in Oxford’s strategy to create a leading build to rent platform in Australia and to attract co-investment from like-minded and strategic investors. The platform is being created in partnership with Investa, which is Oxford’s local operating and development partner for its office portfolio and growing build to rent business.
The 39-storey building will feature 234 residential apartments with extensive on-site amenities, including a wellness floor, rooftop terrace and adjoining communal space, an entire floor dedicated to work from home spaces, a social lounge and up to 682 square metres of retail. The building is targeting a 5 Star Green Star rating, with 30% Basix energy targets and 40% water targets.
Nellie O’Keeffe, Project Director at Oxford Properties said: “This is an exciting milestone for a truly transformational project. We are working with a world-class project team, which includes leading Australian architects Bates Smart and are committed to delivering a project that sets the bar for purpose-built rental in Sydney.
“The development will play an important role in establishing a strong sense of place in an already vibrant precinct. We are pleased to see the metro station works progressing well and are now focused on preparing for the construction phase.”
Located on the corner of Pitt and Bathurst streets, the development is ideally positioned to provide a lively city lifestyle to future residents, ranging from young families, to working professionals to downsizers. Seamlessly integrated with the new Pitt Street metro station and well connected to other primary transport hubs, residents will benefit from connectivity to Greater Sydney and close proximity to Hyde Park and some of Sydney’s best retail, dining and entertainment attractions, while enjoying the convenience, amenity, flexibility and sense of community this location offers.
Alec Harper, Head of Australia at Oxford Properties said: “The residential market in Australia has been rapidly evolving in recent years, particularly in cities like Sydney where housing affordability is a persistent issue. The emerging build to rent sector offers a more a customer focussed and flexible solution.
“We are excited to be making progress on a development which will deliver those benefits, as well as best-in-class amenity and proximity to the CBD, public transport and all that the precinct has to offer. This development is the first in our broader build to rent strategy in Australia, which will focus on our core markets in Sydney and Melbourne.”
Oxford’s build to rent pipeline in Australia now includes approximately 1,000 units, following the acquisition of its first build to rent site in Melbourne at 3 McNab Avenue, Footscray, and is targeting more than 5,000 units over the next 10 years.
The Pitt Street project will draw on Oxford’s global development capabilities, combined with Investa’s decades of in-market experience. As one of the world’s most active global developers, Oxford is currently developing over 30 projects across all major real estate asset classes in cities that span North America, Europe and Asia Pacific.
Oxford’s consortium partners, CPB Contractors commenced construction on the metro station in December 2020. The residential development is scheduled to begin in late 2021 and due to be completed in line with metro services in 2024. Oxford anticipates that around 350 jobs will be created through the construction over a 24-month period.
For more information contact:
Megan Moore,
FTI Consulting
M +61 434 225 643
E megan.moore@fticonsulting.com
Emily Lee-Waldao,
Investa
Group Executive, Brand & Innovation
T +61 2 8226 9378
M +61 416 022 711
E elee-waldao@investa.com.au
