Integrated real estate business Lendlease and Japanese developer and real estate business Nippon Steel Kowa Real Estate (NSKRE) have announced the start of the companies first partnership that will deliver a waterfront Build to Rent development.
NSKRE has expertise in developing and leasing office buildings, condominiums for sale and logistics, in addition to international high-end rental condominiums.
Lendlease will develop, construct and act as the investment manager for the development.
Situated at 899 Collins Street, the Docklands Build to Rent development is set to comprise 499 homes in a mix of studio, one-, two- and three-bedroom apartments spanning 24 levels.
Residents will enjoy unobstructed water views over Victoria Harbour and south over the Yarra River out to Port Philip Bay.
“The launch of our first-ever partnership with NSKRE to deliver a new Build to Rent development on Melbourne’s waterfront represents a strategic opportunity to leverage our shared global expertise in this sector as we deliver Lendlease’s third Build to Rent project in Australia.
“This announcement also highlights the continuing demand from our Japanese partners for high quality opportunities across our development pipeline, and we look forward to working together to deliver on NSKRE’s first project in the Australian market.”
Tom Mackellar, CEO – Development, Lendlease
Amenities will include external communal spaces making use of the waterfront location with an outdoor pool overlooking Victoria Harbour, a dog park and outdoor rooftop BBQ area, music and podcast rooms, lounges, a full-sized and fully equipped gym, cinema, wellness treatment rooms and private dining rooms.
The development will be all-electric and target a 5 Star Green Star Building rating.
Under the terms of the new partnership, NSKRE will take a 40% equity share in the Build to Rent venture. Lendlease will also seek to bring in additional partners as the scheme progresses.
Early works are underway with construction set to start this year and due for completion in 2026.
“NSKRE has always prioritised collaborating with reliable local partners when expanding our operations overseas. As we make our inaugural entry into the Australian market, we are delighted to partner with Lendlease, a company renowned for its outstanding achievements and significant presence in Australia.
“Moreover, this project aims to address the housing needs of Melbourne’s growing population, focusing on the increasingly popular Build to Rent sector. We believe that implementing this project aligns perfectly with our corporate mission Communicating with People, Creating the City.
“We are committed to ensuring its success through close cooperation with Lendlease and other stakeholders.”
Itaru Ishihara, Managing Director of International Business, Nippon Steel Kowa Real Estate
Located on the waterfront in Lendlease’s well established Victoria Harbour precinct, the Docklands development will be the third Build to Rent scheme to be delivered by Lendlease in Australia, with Exhibition Quarter in Brisbane and its Melbourne Quarter development currently under construction.
Lendlease currently has c. 2,700 Build to Rent apartments in delivery, in addition to an existing 2,800 managed apartments.
Together, it brings Lendlease’s Build to Rent portfolio to 5,500 apartments, as the company continues to leverage its expertise in this growth sector.
