Completion is on the horizon for the project billed as Tasmania’s largest build-to-rent development.
Construction of Moir Road Estate at 39 Moir Road, Kingston, on the southern outskirts of Hobart, is slated to finish at the end of this month.
A leasing campaign will be launched for the precinct of 51 townhouses, comprising a mixture of one to four-bedroom homes, near the Kingston Town and Channel Court shopping centres.
Construction on the Moir Road Estate began early last year after the site was sold to Tasmanian developer Matthew Sly in a deal negotiated by Knight Frank’s George Burbury and Tom Balcombe.
“The decision to undertake a build-to-rent project in Tasmania was based on strong demand in the residential rental market and the long-term returns on our investment,” a spokesperson for Sly said.
Knight Frank residential property management head Robbie Yeoland said the project was hugely significant as the largest build-to-rent project in the state.
“Tasmania, like everywhere around Australia, has been experiencing a shortage of homes, and the Moir Road Estate will help to deliver more much-needed housing.
“We expect strong demand for these homes, with renters drawn to a high-quality product in a great location.”
Hobart’s residential vacancy rate in November was 0.7 per cent, according to Domain.
Knight Frank’s latest report on build-to-rent in Australia suggested 55,000 units would be built by 2030, accounting for 1.5 per cent of the rental market.
The Tasmanian Housing Strategy 2023-7 identified build-to-rent as a route to helping deliver the 10,000 social and affordable homes the state requires.
