Developer Lendlease has commenced construction works at its 899 Collins Street Build to Rent development in Docklands.
To mark the start of construction, the Hon. Lord Mayor, Nicholas Reece was on site for a sod turn with Lendlease and delivery partner Nippon Steel Kowa Real Estate (NSKRE).
The partnership between Lendlease and NSKRE to deliver 899 Collins Street was established earlier in the month (October 2024). The development has an estimated end value of approximately $500m and marks NSKRE’s first entry into the Australian market.
Located on the waterfront at 899 Collins Street, the development will comprise 499-units in a mix of studio, one-, two- and three-bedroom apartments spanning 24 levels.
Amenities include a fully equipped gym, cinema, wellness treatment rooms, private dining rooms and external communal spaces with an outdoor pool overlooking Victoria Harbour.
Residents can enjoy unobstructed water views over Victoria Harbour and south over the Yarra River out to Port Philip Bay.
899 Collins Street will be all-electric and target a 5 Star Green Star Building rating. The waterfront scheme is due for completion in 2026.
“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.
“Melbourne is fast becoming Australia’s Build to Rent capital of Australia, offering high quality rental accommodation and living experience in sought after locations, with Docklands offering future residents an exceptional lifestyle while being a stone’s throw from the CBD.
“As our third Build to Rent project in Australia, and the second in Melbourne, this project again brings our global capability and expertise to the local market as we continue to see enormous potential in this sector to support the growth and productivity of our cities.
“It’s important to focus on increasing supply and improving the housing options available, especially in places people want to live, close to jobs and transport.”
Tom Mackellar, CEO – Development, Lendlease
Leveraging its global expertise in this growing sector with a 5,200-unit portfolio, Lendlease will develop, construct and act as the investment manager for the development.
Lendlease has around 2,800 Build to Rent apartments in delivery across 899 Collins Street, Melbourne Quarter and Exhibition Quarter in Australia, 1 Java Street in New York and Habitat (La Cienega) in Los Angeles, in addition to an existing c. 2,400 managed apartments in Europe and America.
“NSKRE is pleased to partner with Lendlease on 899 Collins Street development, our first entry into the Australian market.
“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.”
Itaru Ishihara, Managing Director of International Business, Nippon Steel Kowa Real Estate
