A proposal has been submitted to the New South Wales state government for what could become the largest build-to-rent project in the region, with plans for a $1.5 billion development known as Marrickville Timberyards. The project, scheduled to take place on an industrial site along Victoria Road, envisions transforming 2.2 hectares into seven apartment towers that will provide nearly 1,200 rental units, including 115 affordable homes, alongside public outdoor areas and spaces dedicated to retail and creative sectors.
The development is being put forward by Rent to Live Co, a company that has evolved from the founders of a student housing provider and is now expanding into the broader residential market. Utilizing the build-to-rent model, the company plans to own and manage the rental units on a long-term basis, emphasizing a commitment to operating these units in perpetuity. This approach has been supported by the state government through a fast-tracked State Significant Development Application process, along with substantial incentives such as a significant reduction in land tax and exemptions from foreign investor duties.
According to Rent to Live Co’s development manager, Jonathan Combley, the model is designed to benefit both the developer and the community by fostering a long-lasting, managed precinct that addresses the needs of those unable to afford inner-city home ownership. Urban planning expert Professor Nicole Gurran from the University of Sydney adds that while build-to-rent projects offer the potential for more secure long-term leases, they often come with premium pricing due to additional on-site services and facilities. Both industry professionals agree that increasing the rental supply through such projects is a valuable strategy in maintaining housing affordability and stability in the market.