New $80m BTR Residential Apartment project kicks off at Zetland

Barings were thrilled to join Aware Real Estate, at the recent Sod turning ceremony at a major housing development in inner Sydney, adding to the city’s supply of critically needed housing.

At Zetland in the city’s inner south, the development will include 135 apartments, it will include communal open space on the ground level, a gym, a resident lounge, music room and rooftop barbecue area. There will be almost 80 two-bedroom apartments, with one-bedroom and three-bedroom apartments making up the balance.

With a construction value of around $80 million, the Bourke Street project is expected to be complete by the end of 2025. Investment manager Barings is playing a pivotal role as development manager at Zetland. Barings’ real estate investment management team is a long-running partner of Aware Super and Aware Real Estate after Barings acquired Altis Property Partners in 2022.

Barings Head of Asia Pacific Real Estate Alastair Wright said: ”We have been working with Aware Super for over a decade and have a deep collaboratvie relationship. We are excited to be working with Aware Real Estate to support the delivery of quality BTR residential apartments at Zetland and are determined to be part of Australia’s housing supply solution.”

There are already 10 sites in Aware Real Estate’s residential housing portfolio across Sydney, Melbourne, Perth and Canberra. The portfolio – which has an active development pipeline of a further six projects, including the Zetland site – is expected to grow to more than 1,200 apartments in coming years.

Read the full press release here.

Read this release as seen in The Urban Developer, 19th February 2024.