Hall & Wilcox has advised Greystar Real Estate Partners on what’s being dubbed Australia’s largest build-to-rent project.
Firm: Hall & Wilcox (Greystar Real Estate Partners).
Deal: Greystar Real Estate Partners has been advised on a new project located in Melbourne’s South Yarra. The company has been advised on the planning permit application process, including successful settlement with council and a neighbouring objector of an appeal to the Tribunal.
Value: $500 million.
Key players: Hall & Wilcox partner Meg Lee led the team and was assisted by lawyer Matt Hughes. Partner Jim Koutsokostas has also provided advice on proposed tax relief for build-to-rent projects.
Deal significance: As per a statement from Hall & Wilcox, Greystar is a global company that invests, develops, and manages high-quality rental housing properties.
“The South Yarra project, designed by architects Fender Katsalidis, will have 625 apartments and 3,500 square metres of communal amenities, spread over two towers. It is the largest build-to-rent development ever to receive a permit in Australia,” the firm noted.
Commenting further, lead partner Meg Lee said: “The project is an exciting contribution to the affordability matrix in Melbourne, offering a unique and flexible housing product with excellent communal amenities of approximately 5.6 square metres per apartment compared to an average of only 3 square metres in other luxury apartment towers”.