Mirvac is targeting a Build to Rent portfolio of over 5,000 apartments as it looks to scale its LIV platform following the addition of new institutional capital and the completion of two developments.
The Australian property group currently has around 2,200 operational apartments across five assets on the east coast, making LIV one of the country’s larger operational Build to Rent platforms.
Mirvac’s FY26 results show that the group has already secured the next asset for the LIV Mirvac Fund at 577 King Street in Melbourne. The proposed development will comprise c.300 apartments, with settlement expected in October 2026.
It is also progressing due diligence on an opportunity at Green Square in Sydney, which is expected to comprise c.500 apartments. The two opportunities could add around 800 apartments to Mirvac’s portfolio as the company works towards its medium-term target of over 5,000.
The expansion follows the recapitalisation of the $1.8bn LIV Mirvac Fund, with Australian Retirement Trust (ART) acquiring a 48.5% interest from a founding investor.
Mirvac said the investment reflected continued institutional demand for the Australian Build to Rent sector and would support its plans to grow the portfolio.
The platform also expanded operationally during FY26 following the completion of LIV Albert in Melbourne and LIV Anura in Brisbane. At 30 June 2026, the two schemes were 95% and 69% leased respectively.
Across Mirvac’s stabilised Build to Rent portfolio, occupancy stood at 89.5% at the end of the financial year. The group also reported gross leasing spreads of 4% for Build to Rent, while valuations across its wider living portfolio increased by 6%.
The Build to Rent portfolio is also contributing new income to the group. Mirvac said investment earnings in FY26 benefited from development completions across Build to Rent and industrial, with earnings from its industrial and living investments up 12% during the year.
Mirvac Group CEO and Managing Director Campbell Hanan said the business continued to see strong capital demand for living assets as it scales its established investment platforms.
“We have had excellent momentum across all our established platforms, which continue to benefit from strong capital demand for living, industrial and Premium-grade office.”
Campbell Hanan, Group CEO and Managing Director, Mirvac
Mirvac has approximately $3.2bn of future secured funds under management currently in construction, with further capital raising underway.
