• Tue. Oct 3rd, 2023

    Australia’s First Build-to-Rent Portfolio of Low Density Homes Established in Melbourne

    BySharna Bass

    Sep 19, 2023
    Australia’s First Build-to-Rent Portfolio of Low Density Homes Established in Melbourne

    Aziz ‘Ozzie’ Kheir, developer and founder of Resimax, is leading the establishment of Australia’s first build-to-rent portfolio of low density homes in Melbourne. Resimax plans to build and set aside 500 properties in Eynesbury, Mernda, and Wallan, creating an investment portfolio worth over $250 million upon completion.

    This initiative represents a relatively new trend in Melbourne, as previous build-to-rent projects have primarily focused on high density, inner city properties with exclusive amenities for residents. However, Resimax aims to allocate up to 10% of upcoming housing estates for this type of product, bringing the build-to-rent concept to low density areas.

    One of the unique features of this project is the landlord’s involvement in household chores, such as gardening. This responsibility will be taken over by the landlord, making it easier for tenants to maintain their homes without the need for their own lawnmower.

    Resimax’s subsidiary, Tick Homes, will be responsible for building the dwellings, while Leap Real Estate will handle the leasing and management of the properties. Homes have already been listed for lease since late last year.

    Aziz Kheir has made notable investments in the real estate market, including the sale of Flinders Lane’s Adelphi hotel for nearly $25 million. In 2020, Kheir divested West Melbourne’s six-storey former Sands and McDougall headquarters and a neighboring property for $38.5 million and $9.5 million, respectively.

    This build-to-rent development signifies a significant milestone in the Australian housing market, bringing a new rental option to low density areas and introducing a more inclusive approach to property management.

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