PDG and Zagame Property announced a plan for a 263-apartment build-to-rent tower in Melbourne’s Cremorne, marking the suburb’s first purpose-built rental project. The 16-storey building will offer studio, one- and two-bedroom units under professional management.
Design and amenities
The scheme is being designed by Six Degrees Architects. Planned amenities include co-working spaces, wellness and recovery areas, a café and a rooftop terrace for residents.
According to development director Sebastian Mahoney, the project is expected to achieve an end value of more than $200 million. No capital partner or operator has been named yet, and funding options such as fund-through and institutional take-out are being examined.
Founder and managing director Vince Giuliano described the opportunity as “exceptionally rare.” He added, “Cremorne has evolved into one of Melbourne’s premier lifestyle and employment destinations, yet there has been very little new housing delivered and virtually no purpose-built rental accommodation designed for long-term residents.”
Giuliano also highlighted the location, noting, “With Richmond Station at its doorstep, Swan Street’s hospitality precinct around the corner and thousands of jobs within walking distance, this is one of the most connected and amenity-rich locations in Melbourne.”
The development sits on a 1,413 sq m vacant car-park parcel zoned Commercial 1, marketed by VicTrack in 2021. Together with the nearby Precinct Hotel, the combined landholding totals about 2,500 sq m. A planning permit will be lodged through the Victorian Government’s Development Facilitation Program, and construction is targeted to begin in mid-2027, pending approvals.
Partner Bobby Zagame said, “I have invested in and developed property across Richmond and Cremorne for more than 25 years and firmly believe it is one of Melbourne’s most compelling long-term urban markets.” He added, “This project will allow more people to live within walking distance of employment, transport, entertainment and some of Melbourne’s best food and beverage venues.”
The developers previously secured approval for the Roden and King project, a 287-apartment build-to-rent scheme on King Street, West Melbourne, designed by DKO and valued at $95 million.
Nearby, Endor Development is seeking approval for a $203-million mass-timber office tower of up to 15 storeys at 57-71 Stephenson Street, a proposal being assessed under the state’s Significant Economic Development pathway.