Construction has officially commenced on Lendlease’s latest build-to-rent project at 899 Collins Street in Melbourne’s Docklands precinct.
The Hon. Lord Mayor Nicholas Reece joined representatives from Lendlease and their delivery partner, Nippon Steel Kowa Real Estate (NSKRE), for a ceremonial sod-turning to mark the beginning of works on the 499-unit development.
The 24-level development, slated for completion in 2026, will offer a mix of studio, one-, two-, and three-bedroom apartments.
Future residents will enjoy unobstructed views of Victoria Harbour and the Yarra River, extending to Port Phillip Bay.
899 Collins Street will boast an array of high-end amenities, including:
- An outdoor pool overlooking Victoria Harbour
- A fully equipped gym
- A cinema
- Wellness treatment rooms
- Private dining rooms
The development will be all-electric and is targeting a 5-Star Green Star Building rating, emphasising Lendlease’s commitment to sustainability.
This project marks the first collaboration between Lendlease and NSKRE, with an estimated end value of approximately $500 million.
It also represents NSKRE’s inaugural entry into the Australian market.
Tom Mackellar, CEO of Development at Lendlease, highlighted the significance of the project, stating: “With 899 Collins now underway, Lendlease has close to 2,000 apartments under construction across the Melbourne Quarter and Victoria Harbour precincts of Docklands, which together amount to over 6,500 build-to-rent and on-market apartments once the precincts are complete.”
The 899 Collins Street development is Lendlease’s third build-to-rent project in Australia and their second in Melbourne.
Mackellar emphasised the growing importance of this sector, stating: “Melbourne is fast becoming Australia’s build-to-rent capital, offering high-quality rental accommodation and living experiences in sought-after locations.”
Lendlease is leveraging its global expertise in the build-to-rent sector, with a portfolio of 5,200 units.
The company currently has approximately 2,800 build-to-rent apartments in delivery across various projects in Australia, New York, and Los Angeles, in addition to 2,400 managed apartments in Europe and America.
Itaru Ishihara, Managing Director of International Business at NSKRE, expressed enthusiasm about the partnership, stating: “We look forward to commencing works on this build-to-rent development which will offer an ideal lifestyle right on the waterfront, while addressing Melbourne’s growing need for housing.”
Construction begins on 899 Collins Street, which marks another significant step in the evolution of Melbourne’s Docklands precinct and the expansion of the build-to-rent sector in Australia.
