Developer Purchases ‘Build-To-Rent Development’ Site In Melbourne

In an unusual move in these days of rising real estate prices, a Melbourne developer has purchased a major site for a ‘build-to-rent development’. 

Grocon has apparently purchased 256-266 City Road, Southbank for $35 million. Although build-to-rent is an established practice in the UK and USA the concept has yet to take hold in Australia. Quite simply it involves building a multi-apartment building with the apartments then being retained by the developers or by institutional investors,…