The State Government has received a proposal for the largest built-to-rent development in New South Wales.
Rent-to-Live Co, the venture founded by Scape Australia principals Stephen Gaitanos and Craig Carracher, has drawn up plans for the $1.5 billion development of the 2.2 hectare Marrickville timberyards as a part of a target to create 10,000 apartments by 2030.
“The Timberyards is the first of many projects in our ambition to democratise the rental market. Sydney is our focus and with our scale and expertise in this market we believe we can make an immediate impact,” Carracher told the Australian Financial Review last year.
If approved, seven apartment towers would be built on the Victoria Road site creating almost 1,200 rental units, including 115 affordable homes, as well as outdoor public spaces and retail and creative spaces.
The project, which was first reported in October 2024, has won the backing of Dutch investors APG the largest pension provider in the Netherlands, and Bouwinvest, a property fund manager for the new vehicle which has around $1 billion in equity capital committed.
The Timberyards is one of the few large-scale urban redevelopment sites in the Inner West and sits near the newly opened Sydney Metro City line, providing efficient access to the CBD.
It was rezoned in 2017 from industrial to mixed-use and high-density residential.
Rent-to-Live Co said the new development would pay homage to its heritage as a working timberyard, incorporating elements of the existing warehouse into its design
“The Timberyards will deliver much-needed rental apartment supply to the Inner West of Sydney, as well as create a dynamic community precinct that we hope will add to the already vibrant and effervescent fabric of Marrickville,” Gaitanos said.
“The project is fully funded and once we receive State Significant Development Approval, we will immediately commence construction.”
A proposal has been lodged via the State Significant Development Application process, which fast-tracks developments where build-to-rent units make up more than 60% of the total.
Build-to-rent projects also receive a 50% reduction in land tax from the state government as well as exemptions from foreign investor duties.
This comes as the government itself is also in the process of developing build-to-rent accommodation in areas where shortages are most acute.
Related content
