Allens has advised leading Malaysian property developer UEM Sunrise Berhad on the sale and development of a site in Collingwood for the area's first build-to-rent development.
Under the fund through structure on which the firm advised, UEM will sell the property to Greystar and will be appointed developer and delivery partner to construct approximately 400 apartments across two buildings.
Valued at approximately $277 million, the project will be the first build-to-rent (BTR) development in inner Melbourne's Collingwood. It will also include a vibrant town square featuring dining, retail and essential services, as well as extensive green space.
'We continue to see BTR come into its own as an asset class off the back of tax reforms and as an important lever in Australia's housing affordability crisis,' said lead partner Tim Chislett.
'Congratulations to UEM and Greystar on the launch of this exciting project, which will provide important additional housing options and urban renewal in Melbourne's inner north.'
Allens is a market leader in BTR, having advised on some of the most significant projects and fund establishments to date in the sector, including the first BTR fund-through arrangement for Mirvac's Queen Victoria Market project, the establishment of the Greystar Australian Multifamily Vehicle, and Australia's largest BTR transaction, the establishment of Mirvac's $1.8 billion BTR fund.
Allens legal team
Real Estate
Tim Chislett (lead Partner), Ilaria Corbett (Senior Associate), Kelly Rankin (Associate)
Projects
David Donnelly (Partner), Amy Ryan (Senior Associate), Hero Cook (Lawyer)
Banking and Finance
Lisa Zhou (Partner), Yoni Baker (Associate), Weng Yi Wong (Law Graduate)
IP
Tim Golder (Partner), Joel Barrett (Partner), Nadia Diaz (Managing Associate), Stefan Ladd (Associate)