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 $650 million, 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 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.
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.
Dale Connor, Chief Executive Officer of Lendlease Australia, said: “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.”