Built joins apartment rental rise as $600m Liverpool project shifts focus

Liverpool Civic Place.

Private construction company Built has dramatically joined the wave of new-style residential build-to-rent towers with a 29-storey complex in the western Sydney hub of Liverpool to anchor a planned $600m precinct.

The development had been earmarked for an office block, but the new towers are sweeping the industry at the same time that demand for office space is lagging.

If successful, it will take the build-to-rent boom into a new part of Sydney, with the western hub of Parramatta having the most activity, although some projects there are being stymied by soaring building costs.

The private company, which is building Atlassian’s headquarters next to Central station, is planning to make the western Sydney project its entry into the sector.

Built originally planned to develop two new mixed-use towers, comprising a 22-storey A-grade commercial tower, known as 44 Scott Street, and a nine-storey, 84 room hotel alongside its delivery of new civic facilities for Liverpool City Council.

Liverpool Civic Place.

The civic hub will have a 2800sq m library and 13,000sq m commercial building to house council offices, basement parking and a civic plaza. The Scott St office block was to have about 20,500sq m of commercial space. Built won approval for this part of the project in May and had billed it as a low-carbon asset that would target government tenants.

But the leasing market is tough, and the few suburban office deals struck show values have dropped. Few investors are also in the market for projects of the scale of the previously planned commercial tower.

Built is now seeking approval for a 29-storey mixed-use build-to-rent development with ground floor retail, five podium commercial levels, seven podium residential levels, and 18 tower residential levels, as well as parking and public works.

While the latest plans do not supersede the existing approval for the commercial building and hotel, Built said it was altering the site to help provide additional housing supply to southwest Sydney.

“With its proximity to public transport and the surrounding amenity of the soon-to-be completed council facilities of the city library and community hub, childcare facility and civic plaza, the Liverpool Civic Place site presents a perfect opportunity for a mixed-use development,” Built development director Jono Cottee said.

Mr Cottee said Built had been “exploring the emerging build-to-rent market”. “Subject to planning approval, this proposal presents a perfect opportunity for Built to partner on a program of built-to-rent developments,” he said.

The project is subject to winning approvals, but Built expects construction could commence in late 2024, with completion in mid-to-late 2026.

Fjcstudio, as principal architect for the Liverpool Civic Place precinct, has prepared initial studies for the scheme.