Sentinel Real Estate has secured approval for its third project in Perth.

The project, to be built on the corner West Coast Highway and Manning Street will comprise 175 apartments in a mix of sizes atop a three-storey mixed mixed-use podium.

The 21-storey build-to-rent project will be developed and leased by Sentinel and will feature four commercial tenancies, 230 bike parking bays, 215 car parking spaces and end of trip facilities for commercial tenants.

The first stage of the three-stage development, known as Element 27, has been in operation and tenanted since early 2019.

The second stage is under construction and slated for occupancy in September while the project’s final stage has been given development approval.

Element 27 has been unofficially dubbed the first purpose-built institutional build-to-rent development in Australia.

The US build-to-rent giant is one of the largest groups to enter Australia’s emerging build-to-rent sector alongside Greystar and Mirvac. It currently holds $10 billion in build-to-rent assets and 25,000 rental apartments globally.

Senitel Real Estate president Michael Streicker believes that their build-to-rent project will enhance Scarborough’s vibrant beachside and its exceptional design will provide residents with an engaged and sustainable community. The company also aims to revitalize the public real surrounding the site, to create new and exciting amenities in the area.

The development is targeting a 5-Star Green Star rating, featuring solar panels and rainwater harvesting. The company is confident of the underlying drivers of demand for build-to-rent housing in Western Australia as strong immigration flows resume.

Sentinel also has a build-to-rent project under construction in West Melbourne, having acquired a site there in 2019 with a permit for 157 apartments.

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Date Published: 30^th March 2021