Reaching a construction milestone, property developer Mirvac has topped out at its third Build to Rent development – LIV Aston – in Melbourne.
Campbell Hanan, Mirvac’s CEO and Managing Director and Angela Buckley, Fund Manager – Build to Rent Sector Lead joined Sara Thomas, Director at Clean Energy Finance Corporation (CEFC), and Yuzo Nishiyama, Head of Australia at Mitsubishi Estate Asia Pte. Ltd (MEA) to celebrate the construction milestone.
With the installation of the highest structural element now complete and construction progressing, LIV Aston will deliver a further 474 Build to Rent apartments in Melbourne’s CBD in mid-2024. The development will also include 20 dedicated affordable housing apartments.
“The recent establishment and capitalisation of our Build to Rent Venture supports our vision to increase our exposure to the Build to Rent sector, grow our portfolio in the medium term, and play a key role in helping address the housing and rental shortfall in Australia.
“Additionally, our recent expansion into land lease communities reinforces our position as the only residential developer in Australia delivering across the spectrum of housing typologies from rental housing, Build to Rent, land lease, house and land, medium density and high density living.
“Creating thriving communities is what we do best, and to be able to provide more quality rental accommodation is more important with the backdrop of the housing supply crisis. In 2024, LIV will be the only Build to Rent portfolio in Australia operating across New South Wales, Victoria and Queensland, demonstrating our market-leading position and ability to deliver.”
Campbell Hanan, CEO and Managing Director (MD), Mirvac
The LIV Aston Build to Rent scheme will be the first operational building within a new mixed-use precinct being delivered by Mirvac at 7 Spencer Street. It will bring together Build to Rent apartments, a modern workplace (also under construction), and retail and amenity space in Melbourne’s emerging Northbank precinct and Greenline project.
“Congratulations to Mirvac on reaching this milestone towards increasing the supply of energy efficient housing. The CEFC is proud to support Mirvac’s Build to Rent platform ,which provides an excellent example of sustainable design, construction and operation of property assets. The development of assets like this is crucial to meeting our net zero emissions goals, while providing benefits to tenants and investors alike.”
Michael Di Russo, Head of Property, CEFC
With $1bn in Build to Rent properties currently under construction nationally and a secured portfolio of 2,200 apartments, Mirvac’s $1.8bn venture with investors CEFC and MEA is on target to deliver 5,000 Build to Rent apartments that are operational by 2030, with 870 set for completion in 2024 across two projects – Liv Aston and Liv Anura in Brisbane.
“Three years of operating LIV Indigo, our first Build to Rent development in Sydney, plus 12 months at LIV Munro in Melbourne has given us invaluable insights to leverage into the overall LIV platform and offering. Today, we have more than 1,200 customers and this will triple within the secured portfolio, so we are continuously learning and refining to deliver the best living experience for our residents.
“LIV Aston, in the heart of Melbourne’s Northbank precinct, has been designed with ambitious ESG targets, water and waste/recycling initiatives and 100% renewable electricity. Mirvac is targeting a 7.5-star average NatHERS, 5-star Green Star Design & As-Built and NABERS Energy and Water rating for Apartment Buildings.”
Angela Buckley, Fund Manager – Build to Rent Sector Lead, Mirvac
The building will feature 2,600 sqm of indoor and outdoor residential amenities including a health and wellness centre featuring a 25m lap pool, infrared sauna, gym, yoga deck, rooftop lounge, outdoor dining and BBQ area, media rooms, a co-working club and green spaces, including a pet park.
“We are thrilled to be part of the journey in delivering LIV Aston with Mirvac and CEFC. LIV Build to Rent reflects MEA’s vision in developing high quality assets and continuously bringing quality living experiences and various housing options to our customers.”
Yuzo Nishiyama, Head of Australia, MEA
The Greenline project is the revitalisation of the north bank of the Yarra River, where LIV Aston is located. The project is set to create a four-kilometre stretch of interconnected promenades, parks, and open spaces between Birrarung Marr and the Bolte Bridge – in what will become Melbourne’s largest green space.
