The Living Company Wins State Nod for $1B Sydney BTR Precinct

The Living Company has received development consent from the state of New South Wales for a Sydney residential precinct with an investment value of A$1.5 billion ($1 billion).

The approval clears the path for the company formerly known as Scape to build Marrickville Timberyards, a 1,166-unit development set to become one of Australia’s largest build-to-rent projects upon completion. Located six kilometres (3.7 miles) from central Sydney in the city’s Inner West, the site will host a “connected, people-focused neighbourhood” that blends housing, work, creativity and green space, The Living Company said Wednesday in a release.

Providing well-located and affordable housing remains a key priority for The Living Company, said founder and joint CEO Stephen Gaitanos, who runs the Sydney-based developer and fund manager alongside Craig Carracher. With backing from South Korea’s National Pension Service and Dutch investors Bouwinvest and APG, The Living Company sees Marrickville Timberyards as the latest step in developing a pipeline that it expects to yield 10,000 rental homes by 2035.

“Marrickville Timberyards represents a novel and necessary opportunity to deliver high-quality, long-term rental housing at true precinct scale — without compromising on design, sustainability or community,” Gaitanos said.

Industrial Makeover

The 2.2 hectare (5.4 acre) Marrickville site, previously operating as a timberyard, will transform into a seven-building complex with studio through four-bedroom apartments in both single- and double-storey layouts, according to the announcement.

The precinct is being developed around 10,200 square metres (109,792 square feet) of new public open space, complementing high-street retail, co-working areas and community amenities. Features will include electric vehicle and e-bike charging, 726 bicycle parking spaces and a resident-only car-share scheme with EVs.

The Living Company said the project would sponsor partnerships with local creatives and artists, including an artist-in-residence programme housed within a 225 square metre creative hub. Public art installations by local artists are also planned to reflect Marrickville’s industrial heritage.

Demolition is due to begin this month, with an estimated 661 homes expected to open in the fourth quarter of 2028 and a further 513 by the second quarter of 2029. 

“This approval allows us to unlock a site that has been closed off for decades and return it to the people of Marrickville as a vibrant, inclusive and future-ready neighbourhood,” Gaitanos said.

Growing Mandate

The green light for Marrickville Timberyards comes just over a year after The Living Company secured a A$700 million equity commitment from the Korean NPS for a suite of living sector investment strategies. A few months later the Aussie developer opened an office in Seoul to target growing local demand for rental housing.

After building a name as Australia’s biggest owner-operator of student housing under the Scape brand, The Living Company highlighted its growing mandate last June when it agreed to buy senior living operator Aveo from Brookfield for A$3.85 billion. The transaction saw The Living Company pick up 65 retirement villages across Queensland, New South Wales, Victoria and Tasmania in the country’s biggest-ever direct real estate deal.

The Living Company was also said to be in due diligence late last year on the acquisition of Lendlease’s 25 percent stake in retirement community operator Keyton, but The Australian reported last week that the presumptive buyer had walked away from the deal for the 75-village platform.

The same newspaper reported this week that The Living Company was facing a challenge from US-based Invesco in the race to buy A$1 billion retirement living platform Lincoln Place, the owner of 24 communities across Australia.