Speaking alongside Michelle McNally from Aware Real Estate, Angela Buckley from Mirvac and Brendon Lamers from Clayton Utz on the Summit's Build to Rent panel, Mr. Streicker discussed topics including the promising future of Build to Rent in Australia's housing mix, the level of demand for the product domestically and abroad, and what's needed to unlock the full potential of the asset class in Australia.

"There's tremendous demand for the product," said Mr. Streicker.

"Delivering supply is obviously a challenge right now, but we really see that as something that will be resolved over time, and the sector itself we think will have strong development legs," he said.

The Australian Financial Review's Property Summit is an annual event which convenes the industry's most influential leaders, investors, commentators and disruptors over two days to discuss the emerging trends, opportunities and threats in the commercial and residential property markets.

Coverage of the Build to Rent panel at this year's Summit can be viewed below:
https://www.afr.com/property/residential/build-to-rent-needs-institutional-investment-housing-minister-says-20230911-p5e3qq
https://www.afr.com/property/residential/why-it-s-so-hard-to-rent-or-buy-a-home-20230911-p5e3qh

Sentinel began reviewing Build to Rent opportunities in Australia in 2012, establishing its Australian affiliate Sentinel Fund Manager Australia. Since that time, it has successfully completed, opened and leased the first two phases of its Element 27 project in Subiaco (Perth), Western Australia. Sentinel's second Build to Rent project, The Briscoe, is located at 151 Hawke Street in West Melbourne and is due to open in late 2023. It has also acquired sites for development in Scarborough (Perth), Western Australia; Robina (Gold Coast) in Queensland and in Bowden (Adelaide), South Australia. Sentinel currently has more than 1,600 Build to Rent units under various stages of development and operation throughout Australia and recently launched its Australian property management brand, Kinleaf.

Read more about Sentinel's Build to Rent Projects.

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Located at 23-47 Villiers Street in the heart of the Melbourne Biomedical Precinct, Sentinel plans to deliver and manage approximately 350 high-quality and sustainable rental apartments across two buildings on the site, as part of our Australian Build to Rent venture with Dutch pension fund manager PGGM.

This will be Sentinel's sixth Build to Rent apartment community in Australia and our second in Melbourne, following the delivery of a 172-apartment project, The Briscoe, in West Melbourne, which is scheduled to open later this year. The acquisition of 23-47 Villiers Street grows Sentinel's total pipeline in Australia to more than 1,600 rental units under various stages of development or operation.

The new apartment community will target carbon neutral certification and a 5-Star Green Star rating from the Green Building Council of Australia, in keeping with other developments we have completed to date in Australia. On completion, it will be operated under Sentinel’s Australian property management brand, Kinleaf.

Keith Lucas, Sentinel's Managing Director in Australia said: "This is a meaningful opportunity to deliver a significant boost in housing choice for the area that will support the rapidly growing health and education precinct and more broadly, Melbourne's housing needs.

"We're looking forward to leveraging our experienced and established Build to Rent platform to transform this well-located inner-city site into a vibrant and sustainable community with high-quality rental apartments, a wide range of resident amenities, and a professionally managed rental experience," said Mr Lucas.

23-47 Villiers Street is strategically located in a world-class health, research, technology, education and innovation precinct, which has received A$2.8 billion of investment over the past 10 years and is currently home to around 49,000 employees, according to Victorian Government research. The site is in immediate proximity to Australia’s largest hospital precinct including The Royal Melbourne Hospital, The Royal Women’s Hospital and The Royal Children's Hospital; as well as the Peter MacCallum Cancer Centre, The University of Melbourne, North Melbourne Primary School and Royal Park.

Jikke de Wit, Senior Director Private Real Estate at PGGM said: "We primarily invest on behalf of those who work in the health sector, so we are very pleased that our investment in this project will support the creation of quality and low carbon housing that is well-positioned to benefit other healthcare professionals, whilst generating healthy, long-term returns for our clients."

The site has excellent connectivity to the Melbourne CBD and surrounding suburbs with tram and bus services located less than a five-minute walk away, and the new Parkville Train Station located within 400 metres. The Parkville Train Station will provide convenient access to the CBD, North Melbourne’s Arden Precinct, suburban Melbourne and the proposed Melbourne Airport Rail Link. It is currently under construction with completion expected in 2025.

The announcement received coverage in Australian media:

The Australian
Australian Financial Review
Urban Developer
IPE Real Assets
Development Ready
Australian Property Journal

Read more about our Australian Build to Rent Projects.

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Acadia at Cornerstar Apartments is located in Aurora, Colorado, a beautiful suburb of Denver near Parker and Centennial. In 2022 Acadia at Cornerstar Apartments earned the IREM Certified Sustainable Property designation.

Lantern Woods Apartments is located in Fishers, Indiana near Indianapolis. In 2022 Lantern Woods Apartments earned the IREM Certified Sustainable Property designation. The property has bicycles available for resident use and electric car charging stations.

The Jackson Control Sustainability Awards recognize exceptional performance among IREM Certified Sustainable Properties (CSP®). This award program highlights the teams of people behind sustainable building performance and encourages knowledge-sharing to help others on their sustainable property journeys.

In order to obtain the IREM certification, a property must demonstrate it can achieve a minimum total of 62 points, with points awarded by meeting specific objectives in the following categories:

• Management's demonstrated commitment to sustainability;
• Energy and water benchmarking and reduction goals;
• Commitment to health, wellness and safety of residents;
• Recycling practices, including waste diversion targets; and
• Sustainable purchasing practices.

We believe that the IREM CSP certifications benefits our funds in a number of ways. In addition to enhancing the vehicle’s GRESB score and providing a verifiable way to track sustainability progress within the portfolio, these certifications can facilitate further awareness around sustainability initiatives at the property level.

Sentinel's overall portfolio contains 28 properties that we have certified under the IREM CSP program, with more properties scheduled to obtain certification in 2023.

Congratulations to the management and facilities teams that have done the crucial work that these nominations recognize.

Read more about Sentinel's Sustainability practices.

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Featured in the lobby of 12 Wunderlich Road, the vibrant and engaging array of artworks, by artists Sandra Black, Susan Flavell and Andrew Nicholls, are inspired by the history of the location, which was previously home to the Australian Fine China porcelain manufacturing factory (formerly known as H.L. Brisbane and Wunderlich Ltd., and the Calyx Porcelain and Paint Company). The artworks celebrate the buoyant aesthetic sensibility of the ceramics that were produced on the site for 85 years.

As Sentinel's Managing Director in Australia, Keith Lucas, observed "The Australian Fine China factory produced many unique and outstanding examples of Australian ceramic wares throughout its lifespan and it’s wonderful to be able to pay tribute to and thread some of this rich history back into the community. It’s also fantastic to have another opportunity to collaborate with and celebrate local Perth artists."

Artists Sandra Black, Susan Flavell and Andrew Nicholls viewing the artwork installation in the lobby of 12 Wunderlich Road at Element 27

The unveiling of this unique series marks the third instalment of Element 27's arts program, which has previously drawn from the area’s porcelain manufacturing legacy. One of the driving concepts behind the development of the Kinleaf brand has been this concept of community engagement and respect for local legacies.

Australian artist and curator Andrew Nicholls said, "Sandra, Susan and I have all engaged with the legacy of Australian Fine China, Brisbane and Wunderlich, and Wembley Ware throughout our careers. We were very excited by the opportunity to return to this research and create a new collection of artworks to reflect its historical significance in a visually engaging way at Element 27."

In an earlier stage of the program, a large artwork projection titled "Porcelain: Changing Views" was created by local Perth artist Sohan Ariel Hayes. This artwork was also inspired by the cultural contributions of the Australian Fine China factory and was projected on one of the apartment buildings at Element 27 for residents and members of the local community to view at an evening event, accompanied by a custom-composed soundscape that was performed live and complimentary refreshments.

More recently, award-winning local Perth artist Ross Potter was welcomed to Element 27 for a six-month residency. Ross facilitated a number of workshops and open studio events for residents and the wider community during his time at the precinct.

A selection of the collection of artworks by Sandra Black, Susan Flavell and Andrew Nicholls can be viewed below.

Andrew Nicholls and his work, Mid-Century Cake Stand, 2023

Repurposed Wembley Ware and metal components, 53 x 23 x 28 cm

"This work comprises repurposed Wembley Ware ceramics created on this site between 1946-1961. Its comical appearance alludes to the highly-whimsical style of Wembley Ware, and its intentionally-ambiguous relationship to functionality; due to high taxes on purely decorative ceramics during the post-war era, many Wembley Ware designs were given a superficial purpose, (for example, as 'posy vases' or 'ashtrays'), despite being largely ornamental, so as to sit at a lower price point. Hence this work is a tiered 'cake stand' that would not actually be practical for cakes." Andrew Nicholls, 2023

Sandra Black and her works:

Bennett's Mallee Vase, 2023

Slip-cast pink and white porcelain, clear glaze and recycled Australian Fine China decals by Philippa Nikulinsky, 38.5cm H x 10cm W

Candy Orchid Vase, 2023

Slip-cast yellow and white porcelain, clear glaze and recycled Australian Fine China decals by Philippa Nikulinsky, 32.4cm H x 10cm W

Donkey Orchid Vase, 2023

Slip-cast green and white porcelain, clear glaze & AFC recycled decals by Philippa Nikulinsky, 32.8cm H x 10cm W

"These vases are a homage to the colourful Wembley Ware range of mid-20th century homeware designs. The floral decals are a tribute to former Australian Fine China designer Phillipa Nikulinsky’s depictions of rare and endangered Western Australian wildflowers." Sandra Black, 2023

Susan Flavell and her work, Kookaburra on Plinth, 2023

Cardboard, paper, recycled drawings, MDF box, paint, assorted metal leaf, glue, satin varnish, 140 x 32.3 x 26 cm

Susan Flavell has created a mixed-media sculpture based on the iconic Wembley Ware Kookaburra Garden Ornament, and paying tribute to the many other Kookaburra-themed ceramics produced at this site throughout the twentieth century. These include the AB Webb-inspired Calyx Kookaburra dinner service from the early days of the factory during the 1920s, various mid-century Wembley Ware ashtrays, and the True Blue kookaburra plate produced by Australian Fine China during the early 2000s.

Flavell describes this sculpture as "An irreverent, humorous work that plays with ideas of monuments". It was created in response to her bronze Kookaburra sculpture (2003), commissioned for the Subi Centro precinct development, which sits at the end of Laurino Terrace, a five-minute walk from Element 27.

Factory Backstamps, Sandra Black, Susan Flavell & Andrew Nicholls, 2023

Lightbox installation (mixed media), each 61 x 61 cm

The windows facing on to Darbon Crescent illuminate at night to reveal four of the most iconic backstamps that adorned ceramic homewares produced on this site throughout the 20th century, in the pastel tones synonymous with mid-20th century design. Calyx, Western Australia's first commercial ceramics range, was produced here from 1921-1938. However the factory struggled during the depression and second World War, until H.L. Brisbane and Wunderlich Ltd. purchased the site, renaming it Bristile China in 1945. Their iconic 'Wembley Ware' range of 'fancywares' dominated Australia's ceramics industry from 1946-1961, when the factory decided to shift its focus to vitrified crockery for the hospitality market. In 1992 the business rebranded again as Australian Fine China, operating from this site until its closure in 2006, when production shifted offshore.

All photography: Ammon Creative

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Learn more about our Australian Build to Rent Platform.

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Both The Cascades Apartments and The Hamptons on Heron Bay benefit from proximity to highly rated school districts and are well-located near major thoroughfares with easy commutes to local attractions including beaches, golf courses, and a wide range of shopping, dining and entertainment hotspots. Sentinel will draw on its longstanding track record of managing multifamily properties to continue to provide superior management service to these communities.

"We have enjoyed a long and successful partnership with NYSTRS and are excited to continue expanding our relationship with the addition of The Cascades Apartments and The Hamptons on Heron Bay into our management portfolio," said Michael Streicker, President of Sentinel. "We are gratified by the confidence NYSTRS continues to place in us and remain committed to upholding the high-quality living standards residents have grown accustomed to at these communities."

The Cascades Apartments consists of 294 one- and two-bedroom luxury apartments featuring quartz countertops, private balconies or patios, in-unit washers and dryers, walk-in closets, fireplaces, gas ranges and efficient appliances. The newly renovated community amenities include a saltwater pool and spa, a fireside lounge, a fitness center, a clubhouse with catering kitchen, a playground, two hydrotherapy spas, a business center, barbecue and picnic areas, a dog park and a basketball court.

The saltwater pool at The Cascades is at the heart of the community and adjacent to many of the property's well-appointed amenities

The Hamptons on Heron Bay offers 292 one-, two- and three-bedroom apartments with spacious interiors, including designer kitchens with islands, stainless steel appliances, granite counter tops, designer plank vinyl flooring, tile backsplashes, walk-in closets, garden-style tubs, ground floor private entryways, one- and two-car attached garages, private screened-in patios or balconies, full-size washers and dryers and hurricane shutters. The community amenities include controlled access entry gates, a clubhouse with coffee bar, fitness center, two swimming pools, an outdoor kitchen and grilling stations, a playground, a dog park, a tennis court, half-court basketball, a resident workspace, and curbside valet trash and recycling service.

This beautifully situated pool at the Hamptons on Heron Bay is one of several available for the enjoyment of residents and just steps from the elegant community clubhouse

The transfers received coverage in publications:
Business Wire

See more of Sentinel's portfolio and learn more about our multifamily assets.

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Sentinel plans to deliver, own and manage approximately 250 premium and sustainable rental apartments on the 4,000 square metre site, which is located at Lots 49 and 50 on Third Street, Bowden. On completion, the apartment community will be managed under our Kinleaf property management brand.

An overview of Sentinel’s future building site at Renewal SA's Bowden precinct, in Adelaide's inner-north.

The new Kinleaf 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 industry-leading commitment to sustainability across our Australian Build to Rent portfolio.

South Australian Housing and Urban Development Minister Nick Champion said: "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.

"The Build-to-Rent sector is emerging as another way to help address housing shortages and ease the rental squeeze – and it's great to see such a major global property player back Bowden as the place to do just that," said Minister Champion.

Director of Sentinel Fund Manager Australia, Michael Streicker said: "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.

"This acquisition marks an important step in Sentinel’s national growth strategy. Following our successful delivery and stabilisation of Australia's first purpose-built Build to Rent communities in Western Australia, as well as the establishment of our first projects in Victoria and Queensland, we’re looking forward to working closely with Renewal SA to deliver this first-of-its-kind project for the state of South Australia," said Mr Streicker.

In addition to the premium and sustainable rental apartments, the first-of-its-kind project in Adelaide will provide its residents with a range of thoughtfully curated lifestyle amenities, experienced on-site management and maintenance teams, and integrated retail offerings.

Up-close street view of Sentinel’s future building site at Renewal SA's Bowden precinct, in Adelaide's inner-north.

The development is also expected to provide more than 250 jobs for South Australians throughout its construction and operation.

Renewal SA Chief Executive Chris Menz said: "Bowden has been at the forefront of innovative housing in South Australia for more than a decade.

"Having one of the world's leading institutional Build-to-Rent providers, Sentinel, choose Bowden as the location for its first South Australian venture will raise that bar again.

"Not only will it deliver greater choice and a more professionally managed and transparent rental experience for tenants, it will also free up availability in other housing segments that are currently oversaturated," said Mr Menz.

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 more than 3,000 new 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 strong, 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 in proximity.

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.

The announcement received coverage in Australian media:
The Australian Financial Review
The Australian
The Urban Developer
Australian Property Journal
Development Ready
Real Estate Source
Business News Australia

7News reports on Sentinel’s first institutional Build to Rent community in South Australia

This is Sentinel's first development site purchased in South Australia. Along with the recent development site purchased in Queensland, it follows the successful completion and leasing of Element 27 (to be renamed The Elements by Kinleaf), its first Australian Build to Rent apartment communities in Subiaco (Perth), Western Australia. It also follows the progression of construction on its 172-apartment Build to Rent community The Briscoe by Kinleaf in West Melbourne, Victoria, which is due to reach practical completion this year.

Read more about our Australian Build to Rent Projects.

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In his interview, Michael spoke about Sentinel's origins, our Build to Rent platform in Australia, our first pioneering moves for the sector locally, and where it's heading today.

"We've been cheerleading the sector for years and it's fantastic to see it beginning to come to fruition…the supply and demand dynamics in Australia necessitate all sorts of new housing opportunities and it's very gratifying to see the Build to Rent sector is well placed within that conversation.

"This is housing that many people will be very excited to live in once they are introduced to it, once they learn about it and once they engage with it…and that's certainly been our experience in Subiaco where we've seen exceptional tenant retention, we're fully leased and we have waitlists. It's really a product that has been extremely exciting to see how well received it's been," said Mr. Streicker.

Full video interview:

Full audio interview:

Read more about our Australian Build to Rent Projects.

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Kinleaf debuts with two fully-leased Build to Rent properties in Subiaco (Perth), WA

Sentinel has announced Kinleaf, a dedicated property management brand for our Build to Rent apartment communities in Australia.

Kinleaf's offering will provide Australians with a premium and sustainable rental experience. Each apartment community is thoughtfully designed for the modern Australian renter and offers a refined living experience focused on convenience, community and sustainability.

Kinleaf will be rolled out across existing and future communities in Sentinel's Australian Build to Rent portfolio, which currently contains more than 1,300 units under various stages of development and operation.

Michael Streicker, President of Sentinel Real Estate Corporation said: "The launch of Kinleaf marks the next stage of Sentinel's growth in Australia. We’re proud to have been the first organisation to establish a purpose-built institutional Build to Rent community here in 2019 and introduce Australians to a new way of renting. Now, our focus is on continuing to grow a national portfolio of premium and well-located rental communities that deliver greater housing choices for more Australians and strong, long-term returns for investors. This will be enhanced by Kinleaf's clearly defined and tailored offering.

"Kinleaf's offering is grounded in providing a living experience that is focused on the renter, prioritises sustainability outcomes, and supports the creation of vibrant and engaged communities. Our experienced on-site management and maintenance teams, streamlined leasing process, and thoughtfully curated lifestyle and wellness amenities are just some of the ways we’re delivering an overall more refined rental experience," said Mr Streicker.

Sentinel President, Michael Streicker, surveys the Melbourne skyline from the rooftop of The Briscoe, which will be Kinleaf’s third operational Build to Rent development in Australia.

Kinleaf will continue the high standard of living and service delivered by Sentinel at its existing operational Build to Rent communities in Australia. This includes consistent, high-quality finishes and fixtures within each Kinleaf building; full energy-efficient appliance packages provided in all apartments, a wide variety of apartment floor plans available to suit different renter needs, and a pet-friendly approach.

Each Kinleaf community will target a range of leading sustainability benchmarks for the Australian built environment including carbon neutral certification, a minimum 5 Star Green Star rating, and a minimum 8-Star average NatHERS (Nationwide House Energy Rating Scheme) rating. Initiatives to increase the environmental performance of communities will include solar energy and rainwater reuse strategies, electric vehicle charging stations, the selection of high-quality and durable materials with certified low environmental impacts, and enhanced waste management strategies. A range of resident education initiatives will be facilitated by on-site management teams to increase understanding among residents of the green systems available to them in their buildings and encourage participation.

To sustain a vibrant and engaged community, a number of opportunities for meaningful engagement and community-building will also be facilitated by the Kinleaf team – including the hosting of regular social events and activities for residents. Furthermore, Kinleaf communities are designed and operated to be more accessible to residents with different needs, both within and beyond the apartment walls.

In line with the launch of Kinleaf, Sentinel's 172-apartment Build to Rent community in West Melbourne will be named The Briscoe by Kinleaf. Our operational Element 27 Build to Rent apartment community in Subiaco, Perth, will also see its name evolve to The Elements by Kinleaf later this year.

In January this year, we announced the acquisition of a 1.4-hectare site for development in Robina on the Gold Coast. Sentinel plans to deliver approximately 300 premium rental apartments on the site, which will also be developed and managed under the Kinleaf brand.

To learn more about Kinleaf, visit www.kinleaf.com.au and follow us on Instagram, Facebook and YouTube to stay in touch with the latest updates.

The launch of Kinleaf also received coverage in Australian media:
The Australian Financial Review
Australian Property Journal
Australian Property Markets News
Urban Living News
Financial Standard
The Property Tribune
ANZ Property Journal
The Australian

Learn more about our Australian Build to Rent Projects.

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Taking the balanced perspective of markets that experienced significant rent growth during the pandemic, but have since normalized, he observed "It's not necessarily that those markets are performing badly or even badly relative to other markets. It's just that they were so strong relative to other markets before, and that outperformance is not there."

Read the full article: The Commercial Observer

Sentinel has been actively acquiring and managing multifamily assets for its investors since 1969. Learn more about Sentinel's Portfolio.

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Sentinel Managing Director, Keith Lucas

Keith Lucas, Managing Director and in-house architect responsible for Sentinel’s Australian Development Management team, has been appointed to the Property Council of Australia’s (PCA) National Build to Rent Roundtable for 2023/24.

On the Roundtable, Keith will collaborate with other members from the industry and draw on his expertise to advocate for the Build to Rent sector in Australia and help develop industry perspectives on policy developments for the asset class.

The Property Council is the leading advocate for Australia's property industry. On behalf of its members, it provides research and thought leadership to help decision-makers create vibrant communities, great cities and strong economies.

For more information about the Property Council of Australia and its Industry Committees and Roundtables, visit the PCA website.

Read more about our Australian Build to Rent Projects.

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