Build-to-RentClare BurnettMon 03 Aug 26
Pembroke Greenlit for Debut 210-Apartment Fitzroy BtR Project
Pembroke has secured approval for a 210-unit complex at Fitzroy as gets its build-to-rent strategy focused on the Victorian capital into gear.
The global real estate developer bought into the Australian market in 2025, acquiring the site at 155 Johnston and 288 Young streets from fellow build-to-rent player Greystar.
Dubbed Young & Argyle, the Pembroke development is being designed by architects at FK. Greystar has reportedly stayed on as project managers.
The apartments will be a mix of one, two and three bedrooms.
Early groundworks begin this month and construction is expected to begin in the first quarter of next year. Completion is slated for 2029.
The green light comes hot on the heels of the approval of a build-to-rent project of 243 units on the neighbouring site at 159 Johnston and 146-152 Argyle streets.
Taking on the Fitzroy build-to-rent project
Pembroke regional director for Australia Joe Fitzpatrick said the team undertook an extensive review of the DA-approved project and the wider community after acquiring it from Greystar.
“We’re long-term ownership so we look at what it might look like in 15 to 20 years,” Fitzpatrick told The Urban Developer.
“At the conclusion of that review, we wanted to adjust the product mix, product type and also the design of the asset.”
Bringing on architects at FK, they undertook a total redesign of the approved permit, which was approved by the Yarra City Council after the objections period ended late last month.
The result is a “more considered and liveable development,” Fitzpatrick said, with coworking spaces, lounges, private dining areas, hobby workshops, a gym and a cafe added to the plans.
Pembroke’s global build-to-rent strategy
Pembroke has been on the international war path, pursuing a raft of build-to-rent acquisitions.
The Young & Argyle project joins a stable of three operating build-to-rent acquisitions in London, Boston, and Washington DC, as well as a ground-up development Pembroke has under way in Munich.
While existing operating assets might be a little tricky in the early-stage Australian market, Pembroke is forging ahead with its build-to-rent Australian strategy, focusing on new and DA-approvedprojects.
“We’re actively looking for additional sites with a real focus on Melbourne. We think the fundamentals in Melbourne are some of the strongest in Australia from a livability standpoint,” Fitzpatrick said.
“There’s some really positive opportunities in Melbourne, not only from a land perspective, but also given the completion of a lot of Melbourne’s infrastructure projects over the past several years.”
While contractors in other markets may be under the pump, Melbourne is proving an opportunity for a different reason, he said.
“Contractors are back in the market looking for opportunity, especially in the residential space at this scale.
“So we’ve seen some positive appetite from not only general contractors but early works contractors too.”
Pembroke is hitting the ground running—early groundworks begin on Young & Argyle this month with construction expected to begin in the first quarter of 2027. Completion is slated for 2029.
Docklands BtR highrise tops out
Meanwhile, Lendlease’s 899 Collins Street build-to-rent project at Melbourne’s Docklands has reached full height.
The 24-storey project in partnership with Nippon Steel Kowa Real Estate and Tokyo Tatemono, comprises 499 build-to-rent homes across studio, one, two and three-bedroom configurations and is due to complete early next year.
On the western edge of Melbourne’s CBD within the Victoria Harbour precinct, the scheme includes such resident amenities as a 25m heated outdoor pool, rooftop barbecue area, gym, sauna, co-working lounge, private dining rooms and a pet spa.
The development will also deliver Bourke Dock, a new 1000sq m waterfront public park featuring a major public artwork by First Nations artist Reko Rennie.
The all-electric project is targeting a 5 Star Green Star Building rating and a 7-star NatHERS rating.
Lendlease is the developer, builder and investment manager for 899 Collins Street, which is NSKRE’s first Australian project and Tokyo Tatemono’s first rental housing investment in the country.
The project adds to Lendlease’s growing build-to-rent platform that has more than 4600 homes in delivery or under management across Australia and the US and follows the completion of West Tower at Melbourne Quarter, Australia’s largest build-to-rent tower, as Brisbane’s Exhibition Place prepares to welcome residents.
