Investa and Japanese Partners Unveil Studio-Living Landmark at Sydney’s 140 Elizabeth Street

Investa, one of Australia’s largest real estate investment and management groups, is set to deliver a transformative residential project in Sydney’s CBD. Backed by major Japanese investors, the company will redevelop the Salvation Army site at 140 Elizabeth Street into a A$230 million studio-living complex that combines compact apartments with extensive communal amenities.

Redefining Urban Rentals

The development will feature 251 fully furnished studios, each designed for single occupants or couples seeking central, flexible living. Alongside private dwellings, the project will integrate coworking spaces, communal dining areas, entertainment zones, and landscaped terraces to encourage interaction among residents. This “Studio Living” model marks Investa’s first venture into a growing rental format that prioritizes affordability, convenience, and community.¹

The Salvation Army, which currently occupies the site, will retain a long-term presence within the new complex. Plans include ground-floor worship facilities and upper-level dwellings for its community services, ensuring continuity of its mission in the city.²

Global Backing and Local Strategy

Investa’s move is supported by JR West Real Estate & Development and Sotetsu Real Estate, with financial structuring through Sumitomo Mitsui Trust Bank. Sotetsu, a member of Japan’s Sotetsu Group, has taken a 30 percent equity stake in the project, marking its first rental housing investment in Australia.³ This partnership highlights the growing appeal of Australia’s residential property sector to global institutional investors.

For Investa, the project builds on its “Indi” platform, a build-to-rent strategy that already manages more than 1,600 purpose-built apartments valued at over A$1.3 billion.⁴ The Elizabeth Street project expands this portfolio while diversifying into new residential formats.

Timing and Market Context

Construction is expected to begin in 2027, subject to planning approvals, with completion targeted for mid-2029.⁵ Its location—opposite Hyde Park and near Sydney’s major transport hubs—positions it to appeal to students, young professionals, and city-based workers seeking both convenience and quality.

The launch comes amid ongoing challenges in Australia’s housing sector, with dwelling approvals at multi-year lows and affordability pressures mounting. Projects like this not only provide much-needed rental stock but also introduce new housing models to a market hungry for alternatives.

A Blend of Innovation and Heritage

Beyond housing supply, the 140 Elizabeth Street redevelopment underscores a broader urban trend: projects that combine private investment, heritage preservation, and social benefit. By retaining the Salvation Army’s presence while introducing a globally backed residential asset, Investa positions the development as both a commercially viable investment and a community-minded initiative.

As planning progresses, the project is set to become a landmark for Sydney’s evolving rental market, marrying international capital with local housing needs in the heart of the CBD.

¹ Ben Wilmot, “Investa to Build Flats at Location of Salvation Army Site in Sydney,” The Australian, September 3, 2025, https://www.theaustralian.com.au/business/property/commercial/investa-to-build-flats-at-location-of-salvation-army-site-in-sydney/news-story/058985651ad78c4ffc2b33a783bdfcd2.

² “Investa and the Salvation Army Set to Deliver Studio Living Scheme,” BTR News, September 2, 2025, https://www.btrnews.au/investa-and-the-salvation-army-set-to-deliver-studio-living-scheme/.

³ “Sotetsu Real Estate Joins Australian Rental Housing Project,” atpress.ne.jp, September 1, 2025, https://www.atpress.ne.jp/news/542117/.

⁴ “Investa Launches Studio Living Project at 140 Elizabeth Street,” Investa Newsroom, September 2, 2025, https://www.investa.com.au/news/140-elizabeth-st-announcement.

⁵ Larry Schlesinger, “Investa Teams Up with Salvation Army for CBD Redevelopment,” Real Commercial, September 2, 2025, https://www.realcommercial.com.au/news/investa-teams-up-with-salvation-army-to-bring-studio-living-to-sydney.