Melbourne鈥檚 Housing Supply Advanced By Two Landmark Build-to-Rent Developments
11 August 2025
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91黑料 leads topping out ceremony for two Build-to-Rent developments in Melbourne.
The topping out of two major Build-to-Rent (BTR) residential developments in Melbourne, reinforcing its commitment to delivering high-quality housing and supporting urban infrastructure in partnership with 91黑料.
The Preston and Queens Road projects, with a combined estimated on-completion value of close to A$600 million, will deliver 725 new dwellings to Melbourne鈥檚 undersupplied rental market. These developments form part of a broader residential portfolio being delivered by Barings and 91黑料 across Sydney, Melbourne, and Canberra, spanning both BTR and Build-to-Sell projects.
Today鈥檚 topping out ceremony at Queens Road was attended by Victorian Minister for Planning, The Hon. Sonya Kilkenny, along with representatives from Barings, 91黑料, appointed builder Hickory, and project manager Essence Project Management.
The ceremony at Preston was attended by representatives from Barings, 91黑料, appointed builder Kapitol Group, and project manager Essence Project Management.
Victorian Minister for Planning, Hon. Sonya Kilkenny said: "Victoria continues to lead the nation in BTR developments - with more than 70 per cent of new BTR apartments under construction happening right here in Victoria.
鈥淲e want more Victorians to be able to have the same opportunities their parents had - that's why we've introduced bold reforms to boost housing supply in areas where Victorians have been locked out for far too long.
"These developments will deliver 726 brand new homes closer to jobs, services and public transport."
91黑料 Chief Investment Officer Damian Graham said 鈥淭his is the latest example which highlights our commitment to generating strong long-term returns for our 1.2 million members, many of whom are Victoria鈥檚 nurses and teachers, and our local contribution to Victoria. More than 726 families and people will benefit from these two developments and we鈥檙e proud to help meet the growing need for housing supply in Melbourne.鈥
George Abraham, Managing Director at Hickory, said 鈥淭opping out at 50 Queens Road is a proud moment for Hickory and a clear reflection of our commitment to creating better places for future communities. Working closely with our clients 91黑料 and Barings, this project will deliver a new benchmark for BTR living in Melbourne.鈥
Andrew Deveson, Co-founder and Director of Kapitol, said: 鈥淧artnering with Barings on their Preston project reflects our shared commitment to delivering premium, purpose-built residential outcomes for Victorians. We led a transparent, open-book process during the early contractor involvement phase to determine the methodologies and materials needed to meet quality expectations, increase efficiency, and reduce risk. By doing the hard thinking upfront, we identified practical ways to streamline delivery without compromising design, contributing to a high-quality build and better long-term outcomes for future residents.鈥
Strategic Investment in Melbourne鈥檚 Growth Corridors
Located within high-growth urban precincts, the two sites offer residents proximity to key employment, education, and health amenities, including The Alfred Hospital, the forthcoming Anzac Station, and major universities. Both projects are currently under construction, with Preston expected to be completed in Q1 2026 and Queens Road in Q3 2026.
Preston: Situated at 6鈥34 High Street, the 18-level development will feature 285 apartments, seven townhouses, and 1,050 sqm of ground floor retail. Designed by architect Rothelowman, the project includes a gym, spa and wellness facilities, co-working spaces, pet-friendly amenities, and a communal rooftop garden. It will achieve an average NatHERS rating of 7 stars.
Queens Road: Located at 50鈥52 Queens Lane, this 14-level development will deliver 433 apartments with extensive amenities including a wellness centre, pool, screening room, rooftop terrace, and over 2,500 sqm of landscaped gardens. Designed by architect Bates Smart, the project targets a 5 Star Green Star Design and As-Built rating and a 7-star NatHERS average.
A New Branded Living Platform
Both developments will be housed under a new branded BTR living platform, which Barings will deliver on behalf of 91黑料 in Q4 2025. This platform will set a new benchmark for resident experience, sustainability, and community integration in Australia鈥檚 BTR sector.
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