Grocon has invited a number of selected builders to tender for the Richmond Plaza mixed-use redevelopment at 271 Bridge Road.
The Sydney-based development and construction company has the backing of Singaporean fund GIC, which has invested heavily in the burgeoning build-to-rent sector in Australia and overseas.
Icon, Hacer, Probuild and Multiplex have been invited to submit tenders for the project, which will include the development of a new Coles supermarket, offices, a ground floor retail precinct and dining area, gym and around 300 apartments.
The 12-storey development has been designed to minimise impact to the existing heritage of the area, with the ground-level podium form building having four extruded building forms to house apartments.
The ground floor will also see a series of laneways and access points opening the complex up to both Bridge Road and Church Street.
The first three floors will be allocated to community amenities, with opportunities for a childcare facility, yoga studio and community gardens alongside retail and dining.
The development will also contain approximately 700 car and bike parking spaces across three levels.
With Grocon leading the project, it is likely the apartments will be built-to-rent, opening up more affordable housing in the inner city.
The builders invited to tender have also been in competition for a $400 million build-to-rent project in South Yarra.
Melbourne’s increasing population and the rising trend of build-to-rent apartments Australia-wide have been major draw cards for a number of international investors, including GIC and US-based Blackstone.
Locally, Mirvac and Salta have also joined Grocon, investing in build-to-rent opportunities in Sydney and Melbourne.
Salta is also currently at work on a build-to-rent apartment complex in Richmond, with 426 residences to go up adjacent to Victoria Gardens shopping centre, also owned by the developer.
Mirvac’s build-to-rent portfolio includes the Flinders West project and the Munro precinct at Queen Victoria Market.
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