Three major Build to Rent developments totalling 1,219 homes are taking shape around Melbourne’s St Kilda Road corridor, as a significant concentration of institutional rental housing emerges across the precinct.
The cluster includes the 571-home HOME Albert Park at 6–9 Queens Road, the 433-home WeAreLiving Queens development by Barings and Aware Super, and Novus’ 215-home Novus on Bowen in nearby South Melbourne. Together, the developments represent over 1,200 professionally managed rental homes concentrated around St Kilda Road, Queens Road, Albert Park and the adjoining South Melbourne area.
Construction activity is continuing across the precinct, with the City of Port Phillip currently listing all three sites among its major construction projects.
The largest of the three developments is HOME Albert Park, GFM Investment Management’s 571-home Build to Rent scheme at 6–9 Queens Road. Hacer Group recently topped out the development following completion of the final structural pour, with façade and other works subsequently progressing as the project moves into its next phase.
Further construction activity is scheduled this month. City of Port Phillip records show tower crane dismantling at the site is planned for 19 and 20 September.
Designed by Cox Architecture, HOME Albert Park will comprise 571 apartments alongside a retail tenancy and resident amenity across the podium and tower.
The project also incorporates Netherby Mansion, an existing heritage building that will accommodate resident amenities and Build to Rent operational spaces, with a pedestrian connection to the tower’s concierge lobby. Completion is currently targeted for mid-2027.
A short distance away, Novus is also approaching delivery of its second Melbourne Build to Rent development. Located at 2 Bowen Crescent in South Melbourne, Novus on Bowen comprises 215 purpose-designed Build to Rent apartments across 18 levels, ranging from studios to three-bedroom homes.
Novus is now marketing apartments at the development, with its current project information stating that leasing will commence in September 2026.
The development features several amenities including an indoor pool, gym and wellness facilities alongside resident amenity and a rooftop terrace.
Novus originally acquired the site with an existing Build to Sell planning approval before redesigning the scheme for Build to Rent. The revised project secured planning amendment approval from the City of Port Phillip in February 2024. Hamilton Marino is delivering the development, which the City of Port Phillip continues to identify as one of the major construction projects in its Domain precinct.
Over 1,200 Build to Rent homes concentrated around the corridor
Completing the three-project cluster is WeAreLiving Queens, the 433-home Build to Rent development backed by Barings and Aware Super at 50–52 Queens Lane.
The Hickory-built scheme sits close to HOME Albert Park, creating a particularly significant concentration of Build to Rent around Queens Road and the western edge of Albert Park.
Across the three developments, the combined 1,219 homes demonstrate the growing role Build to Rent is playing within the changing residential landscape around St Kilda Road. The corridor has traditionally been associated with commercial offices, but residential development has increasingly become part of its evolution, supported by its proximity to Melbourne CBD, Albert Park and public transport.
The concentration is also notable because the three projects are being delivered by different institutional owners and Build to Rent platforms, rather than forming part of a single masterplan.
With Novus on Bowen moving towards leasing, HOME Albert Park progressing towards completion in 2027 and 433 homes at WeAreLiving Queens forming the third component, the St Kilda Road corridor is developing into a sizeable new Build to Rent location within Melbourne’s inner-city rental market.