Construction underway on build-to-rent development at Melbourne Quarter
- 12 Dec 2023
Construction is powering ahead on the build-to-rent apartment development at Melbourne Quarter that is being delivered in partnership by Lendlease and Daiwa House Australia.
In July this year, the two real estate companies announced their commitment to deliver the 797-build-to-rent apartment building located at the southern edge of Melbourne’s CBD at 646-666 Flinders Street.
With a fully-leased estimated end value of $650m, the development is Lendlease’s first build-to-rent project in Melbourne and the first in Australia for Daiwa House, with both companies bringing their combined international capability to this asset class locally.
The Melbourne Quarter build-to-rent development will offer a high-quality, tenure secure alternative to the traditional apartment rental market across a mix of studio, one, two and three bedroom-apartments over 45 levels.
Residents are expected to take occupancy in early 2026 and will have access to first-class amenities and communal spaces including a 25m 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.
Lendlease is acting as developer, construction manager and investment manager for the all-electric building that is targeting a 5 Star Green Star Design & As Built v1.3 rating.
The development will be the final piece of Lendlease’s Melbourne Quarter precinct – a modern and sustainable mixed-use precinct that will be home to 14,000 workers and more than 3,800 residents once complete.
Lendlease and Daiwa House have forged a strong global relationship evidenced by their partnered developments in global gateway cities, which include the 41-storey Claremont Hall with 165 residences in Manhattan, and a recently announced 259-apartment development at Elephant Park in central London.
Quotes attributable to Koji Morishige, CEO Daiwa House Australia
“Today’s sod-turn event marks a huge milestone in our commitment to deliver to the city of Melbourne this build-to-rent opportunity in such a prime location, the Melbourne Quarter precinct, with our partner Lendlease and the support of the State Government and Development Victoria.
“Once complete this signature address will be more than a place for residents to call home. It will be a place of endless possibilities and choices given the accessibility of residents to a variety of first-class amenities and communal spaces.”
Quotes attributable to Dale Connor, CEO, Lendlease Australia
“In Australia we’re seeing strong demand for long-term, premium rentals in quality locations, and the State Government has recognised the early potential for build-to-rent in Victoria, making it an attractive destination for developers and investors.
“Our development partnership with Daiwa House, together with the support from our government partners, will bring our shared global BTR capability to the local market, in what is set to be one of the city’s finest examples in our thriving and vibrant Melbourne Quarter precinct.”
Quotes attributable to Niall Cunningham, Group Head, Precincts, Development Victoria
“We value our partnership with Lendlease which has allowed the Victorian Government to facilitate the delivery of the Melbourne Quarter precinct in Docklands.
“Achieving the scale of change we have seen in Docklands over many years requires the support, commitment and investment by a range of partners, including the private sector.
“This next residential tower in Melbourne will complement the more than 17,000 residents that already live in Docklands and we congratulate Lendlease for its vision, and the delivery of another high-quality development in the precinct.”
For more information:
Nat Burcul, External Affairs Manager VIC/SA/WA
+61 401 919 927
Constantina Alifakiotis, Company Representative
+61 417 221 568