SENTINEL has received development approval for the final stage its flagship Australian ruild to rent project, Element 27, in Subiaco, Western Australia.
The American development and real estate investment firm Sentinel Real Estate’s Element 27 is the first purpose-built institutional Build to Rent community in Australia, and the only of its kind in Western Australia, will consist of 264 rental dwellings with a total capitalisation for the development at $124 million.
This final lot, Lot 204, will house a 16,061sqm residential apartment building. It will be comprised of five storeys, 91 apartments, with studios, one-, two- and three-bedrooms dwellings to be available.
“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,” said Michael Streicher, president of Sentinel.
Lot 204 will also have more that 550sqm of communal open space, including a resident’s garden and 225 metres of rooftop landscaping and pool deck. With its location in close walking distance to the Subiaco train station, public open spaces and overlooking a park, playground and lake.
The development has placed an emphasis on sustainability in the design, with features like 60kw solar panels, rainwater recapture system, a greywater recycling plant, solar shading and deep soil zones, with a target of an 8 Star NABERS rating.
“The first phase of Element 27 has been operational for over a year now; and we’ve had a fantastic response from residents regarding the premium design, variety of amenities and the building management provisions that our Build to Rent model offers,” said Streicher.
Amenities will also include a business centre, an enhanced onsite management and leasing facility, 113 car parking spaces, EV charging stations, motorcycle/scooter bays, dedicated bicycle storage and a concierge system for deliveries to residents.
The development will generate an average of 108 full-time jobs each year and construction will commence in June of 2021.