Sydney City's first purpose-built BTR tower 'tops out'

Sydney City's first purpose-built BTR tower 'tops out'

Investa today celebrated the ‘topping out’ of Indi Sydney, Sydney City’s first purpose-built Build to Rent (BTR) tower, located in the heart of the central business district (CBD) directly above the new Sydney Metro Gadigal Station (formerly known as Pitt Street Station).   

Upon completion, Indi Sydney will stand 39 storeys, providing 234 apartments, across a mix of one, two and three bedroom configurations and accommodate more than 500 residents. 

With sweeping views over Hyde Park and to the Sydney Heads, Indi Sydney includes three levels of shared space that will include co-working meeting rooms; a wellness level with lap pool, sauna, and workout equipment; and a rooftop lounge with a kitchen and BBQ area. 

Boasting leading sustainability credentials, including a 7-Star NatHERS energy rating and a 5-Star Green Star V1.3 Design, Indi Sydney will appeal to residents seeking the convenience of a CBD location incorporating high-end services and shared amenities with direct transport access via Sydney Metro. 

Developed by Investa on behalf of the owner, Oxford Properties Group (‘Oxford’), and delivered by CPB Contractors, Indi Sydney represents the first and only Sydney CBD purpose-built BTR asset.  

Mark Tait, Head of Developments, Investa said: “Indi Sydney will be an exemplar BTR project, showcasing Investa’s expertise in delivering complex and state significant over-station development schemes and will set the standard for institutional-owned BTR assets in Australia for the foreseeable future.” 

Camillo Masci, Executive General Manager Building, Broad, Defence, CPB Contractors added: “We’re delighted to work with Investa and Oxford to deliver this flagship BTR asset in Sydney’s vibrant midtown precinct.” 

Indi, Investa’s specialist BTR management platform, will oversee management of the asset on behalf of Oxford from completion, expected in May 2024, and will provide residents with the ability to create a curated living experience based on their individual needs. With a focus on providing a superior leasing experience, Indi will offer residents flexible lease terms, an ability to personalise apartments and dedicated on-site customer service.  

Together with Indi Footscray and Indi Southbank in Melbourne, Indi is creating a market-leading BTR portfolio in Australia with more than 1,300 apartments under construction with an end value of ~$1.3 billion.1 

Commenting on the milestone, Alec Harper, Head of Australia, Oxford said: “Oxford is a high conviction investor in BTR globally, with market fundamentals in Australia particularly compelling. We look forward to Indi Sydney setting the high-water mark for the BTR rental experience in Australia.” 

Nick Blake, Fund Manager, BTR, Investa added: “Institutional investment in BTR will play an integral role in helping alleviate the acute accommodation shortfall experienced across Australia, especially in a market such as Sydney. 

“Investa’s approach to the living sectors is about rethinking how Australians live and positioning capital to benefit from changing lifestyle trends and attitudes by investing across a mix of accommodation styles to meet residents’ needs including BTR, Co-living and affordable housing strategies.” 

Indi Sydney is forecast to complete in late May 2024 with the first residents expected to move in from July 2024.  

For further information about Indi: Indi - Build to Rent - Investa 

1 Forecast value upon stabilisation 

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