Developer Lendlease and construction company Daiwa House has announced the start of construction at the Melbourne Quarter Build to Rent development. Residents are expected to take occupancy in early 2026.
With a fully leased estimated end value of $650m, Melbourne Quarter is Lendlease’s first Build to Rent project in Melbourne and the first in Australia for Daiwa House.
In July 2023, the two companies announced the delivery of the 797-apartment building located at the southern edge of Melbourne’s CBD at 646-666 Flinders Street. The scheme will offer a tenure secure alternative to the traditional apartment rental market in a mix of studio, one-, two-, and three-bedroom apartments over 45 levels.
“[The] 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.”
Koji Morishige, CEO Daiwa House Australia
Amenities and communal spaces at Melbourne Quarter include a 25m lap pool, bowling alley, karaoke and music studio, co-working space, virtual sports and games rooms, cinema, gym with spa, sauna and steam rooms, and 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.
“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 Build to Rent 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.”
Dale Connor, CEO, Lendlease Australia
After launch, Melbourne Quarter will complete Lendlease’s Melbourne Quarter precinct – a modern and sustainable mixed-use precinct that will be home to 14,000 workers and over 3,800 residents.
“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.”
Niall Cunningham, Group Head, Precincts, Development Victoria
Lendlease and Daiwa House have formed a strong partnership through the delivery of other key developments including the 41-storey Claremont Hall mixed-use development with 165 residences in Manhattan, and a 259-apartment for sale development at Elephant Park in central London.
