Developer Lendlease has secured Tokyo-listed developer Tokyo Tatemono as a capital partner for the $500m Docklands Tower Build to Rent development in Melbourne’s Docklands.
Lendlease and Japanese developer and real estate business Nippon Steel Kowa Real Estate (NSKRE) are collectively delivering the scheme.
Situated at 899 Collins Street, the 24-level Docklands Tower development is set to comprise 499 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.
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. Located within Lendlease’s Victoria Harbour precinct,
Tokyo Tatemono’s entry follows its long-standing collaboration NSKRE in Japan, bringing established trust and alignment into the Australian market.
The developer’s partnership arrives at a pivotal moment for Lendlease, which is undergoing a major strategic overhaul led by chief executive Tony Lombardo.
The company is repositioning toward more profitable, home-market projects and is divesting $4.5bn in international assets to sharpen its focus.
Lendlease’s first Build to Rent development was announced two years ago at Brisbane Showgrounds, followed by a $650m tower in Melbourne’s Docklands backed by Japanese firm Daiwa House.
Japan’s involvement in Australian real estate has surged. Last year, property transactions represented a fifth of all Japanese investment deals in Australia.
The pace has continued, with AsheMorgan partnering with Marubeni, Haseko, and Mizuho Leasing on a $600m Docklands Build to Rent scheme, while JR West Real Estate & Development and Sotetsu Real Estate joined Investa on a Sydney studio apartment development valued at $230m.
Major Japanese investors are now deeply embedded in the sector. Mitsubishi Estate recently acquired a 50% interest in Mirvac’s proposed $2.3bn Harbourside redevelopment, while Sumitomo Corporation is co-developing a masterplanned community in Sydney’s northwest.
In Melbourne, NSKRE continues to support its existing $500m Build to Rent partnership with Lendlease.
