Oxford gets green light for build-to-rent in Sydney CBD
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A 39-storey build-to-rent building in the heart of the Sydney CBD has won planning approval, as part of a $1 billion two-tower development on Pitt Street by Canada’s Oxford Properties.
With 234 apartments, the residential tower will rise above the southern entrance of the Sydney Metro Pitt Street station, the first such BTR project in the CBD. Its companion tower, a 39-level office tower, was granted development approval last month.
A render of the build-to-rent project that will rise above the Pitt Street Metro station.
Partnered with local property platform Investa and CPB Contractors, the Oxford-led consortium is building the metro station and the two towers above. Work on the station started late last year while construction of the residential tower is expected to kick off later this year.
Foreign players steady office market
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Foreign funds and institutional buyers are expected to play a leading role in the commercial office market this year after accounting for their largest share yet in tower deals in 2020.
The increased investment role for foreign players over the past year was achieved despite the restriction on offshore capital posed by the COVID-19 disruption and a more onerous Foreign Investment Review Board approval process.
Oxford Properties’ Pitt Street north tower comprises 47,800 square metres of office space.
Investment in office towers fell to its lowest level since 2012, to about $10.9 billion for Australia and New Zealand combined. In the Australian market, office tower transactions fell by more than half over the previous year.