Australia’s leading independent law firm, Corrs Chambers Westgarth, has advised leading, fully integrated global real estate company Greystar on the transaction and partnership with Malaysian developer UEM Sunrise in relation to a proposed build-to-rent (BTR) project in Collingwood, Victoria.
The project located on Hoddle Street in Collingwood will see approximately 400 apartments built, spread across two towers with extensive common facilities and services for residents and a vibrant public town square with retail on the ground floor. The development is expected to rejuvenate Collingwood’s east end and become a precinct that connects the Collingwood and North Richmond communities in inner Melbourne.
The agreement will see Greystar as the owner-operator of the proposed BTR development, with UEM Sunrise as the developer and delivery partner on the project which is set to be completed by mid-2027.
Led by partner Nathaniel Popelianski and senior associate Nathan Ma, Corrs advised Greystar on key aspects of the transaction. The team was supported by partners Joe Barbaro, Eugenia Kolivos and Rosie Syme and other experts from across the Corrs’ real estate, projects, intellectual property and environment and planning practices.
Commenting on the project, partner Nathaniel Popelianski said: “We were pleased to advise Greystar, a global leader in build to rent projects on this exciting and important development, adding further momentum to their BTR activity in Australia.
“Leveraging expertise from across Corrs was crucial in advising Greystar, as the BTR developments present complex construction and funding challenges."
Corrs’ head of real estate Paul Carrick said: “BTR continues to expand in Australia, with offshore capital increasingly looking to enter the market – demonstrated most recently by Greystar’s investment in the Collingwood project."
“Corrs has been at the forefront of BTR development, investment and operations and we are seeing greater sources of capital attracted to this growing asset class."
Chris Key, Managing Director, Australia at Greystar said: “Greystar is delighted to secure our fifth BTR project in Melbourne and to be partnering with UEM Sunrise to deliver this exciting project in the heart of Collingwood. We are committed to making a meaningful contribution to the creation of new rental housing supply in Australia’s capital cities at a time when it is critically needed. Many thanks to Corrs for helping us achieve this important milestone."