Development approval locked in for Sydney CBD's first build to rent development
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.
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.
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.
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.