Pictured above: Lots 49 & 50, Third Street, Bowden
The Australian arm of leading American development and real estate investment management firm, Sentinel Real Estate Corporation, will deliver South Australia’s first institutional Build to Rent community on a site it’s placed under contract to acquire in Renewal SA’s Bowden precinct.
Located at Lots 49 and 50 on Third Street, Bowden, in Adelaide’s inner north, Sentinel plans to deliver, own and manage approximately 250 premium and sustainable rental apartments on the 4,000 square metre site. Upon completion, the apartment community will be managed under Sentinel’s property management brand, Kinleaf.
The new apartment community will target carbon-neutral certification, a minimum 5-Star Green Star rating from the Green Building Council of Australia and an 8-star NatHERS rating, in keeping with Sentinel’s commitment to sustainability across its Australian Build to Rent portfolio.
The project has received high support from the South Australian Government, with South Australian Housing and Urban Development Minister Nick Champion commenting, "we welcome this boost to housing supply, which is set to alleviate pressure on renters and provide more choice for South Australians".
“The first-of-its-kind development, in the heart of the innovative Bowden precinct, provides a longer-term, more secure renting option and adds a new layer to our housing mix," Mr Champion added.
In addition to the approximately 250 premium and sustainable rental apartments, the first-of-its-kind project in Adelaide will provide residents with a range of thoughtfully curated lifestyle amenities, experienced on-site management and maintenance teams, and integrated retail offerings.
Sentinel Australia's Director, Michael Streicker, commented on the firm's excitement for the project stating, “We’re proud to be the first group to bring institutional Build to Rent to Adelaide and play a role in providing greater housing choice to South Australians".
“Our Build to Rent communities are designed and operated with renters as the priority, offering them a more convenient and refined rental experience where environmental and social sustainability are integrated throughout," Added Mr Streicker.
The Bowden precinct is the South Australian Government’s first higher-density urban infill revitalisation project. Located just 2.5 kilometres from Adelaide’s CBD on 16 hectares of land, it sets new standards in urban renewal for the state and is re-emerging as a vibrant inner-city destination. It is estimated that over 3,000 residents will call the precinct home over the coming years.
The precinct is designed to be a safe and walkable urban neighbourhood, with a focus on fostering a diverse community and providing more sustainable and energy-efficient housing. The streets are designed for pedestrians and bikes, with green open spaces, parks, easy access to public transport and other essential and lifestyle amenities all nearby.
In further service to South Australia, the project will facilitate a series of work experience placements for job seekers and high school students, to be run as part of Renewal SA’s social enterprise program.
For more information about Sentinel's move into Australia, Built to Rent markets and their long-term outlook on the Australian property market, you can view Michael Streicker's Interview here.
