Townhouses in Tasmania’s largest build-to-rent project become available to lease as project nears completion

A leasing campaign for Tasmania’s largest build-to-rent (BTR) project will kick off following an open day for the project when it reaches full completion later this month.

The project, known as Moir Road Estate, situated at 39 Moir Road in Kingston, has 51 townhouses, offering three four-bedroom townhouses, 34 three-bedroom townhouses and 14 two-bedroom townhouses.

Every property offers off-street parking, while garages, studies and secondary bathrooms are available in the various property types.

Located in the heart of Kingston, the development is within walking distance of Kingston Town and Channel Court shopping centres, local shops, schools and other amenities.

The property has easy access to the Southern Outlet, connecting to Hobart in the North and the Huon and Channel region in the South.

Rental rates for the townhouses will range from $440 to $650 per week.

The townhouses will be available for lease from mid-March, with potential applicants able to view the residences at an open day for the project on Saturday, February 24 from 1pm to 3pm.

Construction on Moir Road Estate started in early 2023 after the site was sold to a local developer in a deal negotiated by Knight Frank agents, George Burbury and Tom Balcombe.

Spokesperson for the developer Matthew Sly said: “The decision to undertake a build-to-rent project in Tasmania was based on strong demand in the residential rental market and the long-term returns on our investment.”

Knight Frank Head of Residential Project Marketing George Burbury said having initially sold the Moir Road Estate site to the developers in 2021, Knight Frank had worked with the developers from project conception through to completion.

“We now look forward to welcoming the first occupants to the properties in March 2024,” he said.

“This is the largest BTR project in Tasmania, and we expect it will be the start of many more to come.”

Knight Frank Residential Property Management Head Robbie Yeoland said the project was hugely significant, being the largest build-to-rent project in Tasmania.

“This project is a great indication of the confidence local developers have in the Tasmanian residential market,” she said.

“It’s also a welcomed injection of dwellings into our sought-after housing market.

“Tasmania, like everywhere around Australia, has been experiencing a shortage of homes, and Moir Road Estate will help to deliver more much-needed housing.

“We expect strong demand for these homes, with renters drawn to a high-quality product in a great location.”

According to Domain, Hobart’s residential vacancy rate in November was 0.7%.

Knight Frank’s Breaking the Shackles – the rise of BTR report, released in September last year, found the expanding BTR sector in Australia was forecast to see around 55,000 dedicated units completed by 2030.

It found that if the total BTR stock grows to 55,000, it would still only represent 1.5 per cent of the total rental supply in Australia, underlining the potential for scale.

The Knight Frank research found that among the major cities, Melbourne was leading the way for BTR developments, with 4,920 apartments under construction and another 8,250 approved.

Brisbane was next with 1,743 under construction and 2,567 approved, followed by Sydney with 1,529 and 965 units respectively.

Knight Frank’s recently-released Australian Horizon 2024 report found investors were likely to continue to seek greater exposure to alternative sectors in 2024, and within this sector, residential living sectors are in vogue, led by BTR.