Aware Real Estate, together with our development partner Barings has launched a major housing development in inner Sydney, adding to the city’s supply of critically needed housing.
At Zetland in the city’s inner south, the development will include 135 apartments. It will be the latest quality BTR development in the Aware Real Estate portfolio, with other projects to soon follow across a further five development sites in Sydney and Melbourne.
Aware Real Estate Chief Executive Michelle McNally said: “We’re delighted to be adding Zetland to the list of communities where we provide build-to-rent housing.
“This site ticks every box for us. It’s a highly desirable location, a short walk from key transport services including Green Square Station and it’s close to other important urban infrastructure and major employment hubs. Shops and other key amenities are also within easy walking distance, and it’s less than 5km from Sydney’s CBD and Sydney Airport.
”In short, it’s an ideal addition to our portfolio – a development that will prove popular with residents while offering excellent prospects for growth, helping us in our aim to deliver stable long-term returns for Aware Super members.”
Aware Super Chief Executive Deanne Stewart said: “It’s no secret there’s a desperate need for more housing across Australia, and in Sydney that need is particularly acute. This development is a wonderful example of how Aware Super can and does play an important role in providing such crucial infrastructure at the same time as we aim to deliver strong risk-adjusted returns for our 1.1 million members.”
With a construction value of around $80 million, the Bourke Street project is expected to be complete by the end of 2025. It will include communal open space on the ground level, a gym, a resident lounge, music room and rooftop barbecue area. There will be almost 80 two-bedroom apartments, with one-bedroom and three-bedroom apartments making up the balance.
Launched in 2022, Aware Real Estate expects to have a $7 billion portfolio of assets within the next three years across the living, industrial, office and mixed-use sectors.
Read the full press release here.
See Channel Ten news here.