Sentinel has received development approval for the final stage of its $124 million build-to-rent project, Element 27, in Subiaco.
Sentinel has received development approval for the final stage of its $124 million build-to-rent project, Element 27, in Subiaco.
The third and final stage of the project, Lot 204, will comprise a 16,061 square-metre building featuring 91 apartments across five levels.
More than 550sqm of communal open space will also be created, including a large resident’s garden on the ground floor and 225sqm of landscaped amenities and a pool on the rooftop.
Under a build-to-rent model, a residential development is retained by a property developer (or managed investment trust) – instead of each apartment being sold off, the developer owns all the apartments and then leases them.
The build-to-rent concept is an emerging market in Australia, but is one of the biggest asset classes in the United States’ property market.
Sentinel is the Australian arm of American development and real estate investment firm Sentinel Real Estate, with Element 27 the group’s flagship Australian build-to-rent project.
Sentinel president Michael Streicker said the first phase of Element 27 had been operational for more than a year now and that the group had received a positive response from residents.
“Lot 204 will reflect the same level of quality living already delivered in earlier stages of Element 27 and will increase Perth’s housing stock at a critical time, with record low vacancy rates in the residential market,” Mr Streicker said.
“We thank DevelopmentWA for its continued support of our vision to create more diverse, sustainable and quality housing options for Western Australians.”
Phase 3 of Element 27 will also feature a 60kw solar plant, a rainwater recapture system, building consumption modelling and a greywater recycling plant, among other features, with an aim to target an eight-star Nationwide House Energy Rating Scheme (NatHERS) rating.
Other amenities at Lot 204 include a business centre, an onsite management and leasing facility, 113 car parking spaces, electric vehicle charging stations, dedicated bicycle storage and a concierge system.
Located next to Edge Visionary Living’s Botanical apartments, Element 27 is reportedly Perth’s first build-to-rent apartment complex.
Sentinel expects to start construction on Lot 204 in June 2021.
