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Lendlease and Daiwa House Australia are partners on the project, which will deliver 797 residences across a 45-level tower.
Construction is due to commence in August 2023, with residents expected to be able to take occupancy from early 2026.
The project, which has an estimated end value of $650 million, will complete the development of Lendlease’s Melbourne Quarter precinct, located near the Southern Cross train station in Melbourne’s CBD.
Lendlease will develop, construct and act as the investment manager for the project with Daiwa House, then retaining a 25 per cent interest in the development.
It’s the second build-to-rent residences to be delivered by Lendlease in Australia, the first being a 443-unit rental tower at Brisbane Showgrounds set for completion in 2025. This is Daiwa House’s first build-to-rent project in Australia. The Melbourne Quarter building, like Brisbane’s, will offer a mix of studio, one-, two- and three-bedroom apartments.
Dale Connor, CEO of Lendlease Australia, commented that the partnership boded well for international interest in Australian development.
“This announcement highlights continuing demand from our Japanese partners for high quality opportunities across our global project pipeline – in total, we’ve now secured Japanese investment in projects totalling approximately $11 billion in end development value. It also represents a major vote of confidence in Australia’s property market,” Mr Connor said.
Koji Morishige, CEO Daiwa House Australia, added that housing accessibility was front of mind in the firm’s decision to partner on the Melbourne project.
“This build-to-rent opportunity is reflective of our commitment to assist with increasing the supply of quality and well positioned rental accommodation for the residents of Melbourne,” Mr Morishige said.
When Lendlease and Daiwa House’s project is at full capacity, the mixed-use Melbourne Quarter precinct is expected to be home to 3,800 residents and 14,000 workers.
According to Lendlease, residents will have access to amenities that include a 25-metre lap pool, bowling alley, karaoke and music studio, co-working space, virtual sports and games rooms, cinema, fully equipped gym with spa, sauna and steam rooms, with a dedicated on-site concierge.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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