Local: Residential has partnered with MONNO to deliver the $350m 111 Lorimer Street Build to Rent scheme in Melbourne’s Docklands. Completion is scheduled for late 2027.
The 32-storey development will provide 391 apartments and achieve an 8.5 Star NatHERS rating – the highest sustainability benchmark for a Build to Rent scheme in Australia. Amenities include an indoor pool, gym and coworking hubs.
The deal reflects the increasing use of alternative financing structures as traditional residential development faces cost pressures and limited funding.
“We’re proud to launch a strategic partnership with Monno, focused on delivering high-quality renter-centric homes that address critical undersupply whilst aligning with the needs of institutional capital.
“The partnership brings another fresh and focused structure to the sector– at a time when global capital favours the living sector, and the Australian market in particular.”
Dan McLennan, Co-CEO, Local: Residential
For Local: Residential, fresh from its acquisition of Smith Collective on the Gold Coast, the development expands its portfolio to 3,246 apartments under management with a total value of $2.46bn.
The all-electric building at 111 Lorimer Street will operate as climate active carbon neutral and is designed to deliver 40% utility cost savings for residents through renewable energy and high-performance systems.
“111 Lorimer Street represents a new benchmark in our delivery of purpose-designed Build to Rent assets.
“This partnership with Local reinforces our shared commitment to long-term institutional outcomes, renter experience and ESG excellence.”
Geno Hubay, Managing Director, MONNO
Alongside the Build to Rent homes, the development includes five levels of commercial and office space and 10% of homes are allocated as impact housing.
The Docklands location benefits from water and city views and proximity to the future Melbourne University Fishermans Bend Campus, the Yarra River and South Wharf.
