Build-to-rent apartments among redevelopment of Stuart public housing flats site

The first stage of the project dubbed "Renaissance" has topped out, with residents expected to start moving in by September.

Morris Property Group director Barry Morris said most buyer interest had been in larger units, with several people opting to amalgamate apartments.

The five-storey build initially had 100 units, but that number was reduced to 93 after seven units were incorporated to create larger apartments. There are seven apartments left to sell.

Mr Morris said the desire for larger apartments was a "telling tale" for demand in the area, and was one of the reasons behind a shift in the second stage to include five townhouses and 25 apartments, rather than all smaller units.

The second stage, bounded by Light Street, Stuart Street and Evans Crescent, is due to be completed next February.

The third and final stage will house 282 build-to-rent apartments across six buildings.

Construction on that stage begins this week.

"Typically residential property has been left for mum and dad investors. It is now being identified by institutions as an appropriate place to invest again because of the cost of money," Mr Morris said.

"You control the entire property, you can control the operation of its on-site management."

The redevelopment of the former public housing flats will bring 1000 new residents to the area, Mr Morris said, and he hoped it would prompt action to revitalise the Manuka shopping centre.

"Critical mass will hopefully put pressure on the government to look at the civic realm and do something about it," he said.

Business owners have called for more investment in the area and are looking to new development, including the Liangis family's plans for a hotel and cinema at the site of the former Capitol Theatre, as a way to inject new life into the precinct.

Mr Morris developed Manuka Plaza, which houses Coles, in 2000, and said the area was crying out for an update.

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"Part of that development was a $2 million upgrade to Palmerston Lane, unfortunately, very little has changed in Palmerston Lane to activate it," he said.

"It still has lots of car parks going through it, the maintenance of the area is minimal, so that takes away from civic pride."

He argued hundreds more apartments and ratepayers in the area should result in more investment.

"I think as the result of these developments, certainly residents can rightfully expect the government to invest some of that money back into their immediate area," he said.

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