BTR platform Local acquires South Melbourne site in turnkey deal
Macquarie-backed build-to-rent platform Local has entered into a development agreement with Blue Earth Group to acquire 245 Normanby Road in South Melbourne in a turnkey deal.
The turnkey agreement will see Blue Earth Group work alongside Hamilton Marino to deliver the BTR project on behalf of Local, will be home to 421 apartments across 40 levels.
The project will offer one-, two- and three-bedroom apartments in a fully electric, carbon-neutral building. Residents will be given access to an array of amenities, including private dining, a games room, yoga room, gym, lounge/dining facilities, cinema, dog wash and games room as well as nearly 600 square meters (6,458 square feet) of outdoor space, highlighted by a lap pool, outdoor playground and lounge. The complex’s ground floor will offer co-working space, e-games, retail tenancy and the introduction of a communal cafe/wine bar via the entry lobby on Normanby Road.