The Allan Labor Government has approved plans for the $240m AsheMorgan Build to Rent development – an inner-city Melbourne project that’s the largest of its kind in the country. Premier Jacinta Allan and Minister for Planning Sonya Kilkenny announced the approval yesterday (6 May 2024).
The new scheme will deliver two new residential buildings at 24 Little Docklands Drive, which will include 925 Build to Rent apartments, new retail options on the ground floor of the towers, and a publicly accessible plaza.
Located near shops and close to Marvel Stadium and the Esplanade, the AsheMorgan scheme supports the Labor Government’s landmark Housing Statement, enabling 800,000 new homes to be built across Victoria over the next decade in areas where people want to live – close to jobs, transport and services.
“More homes for Victorians – that’s our priority – and whether it’s more Build to Rent developments, more social housing or more homes near transport, services and jobs, we’re getting on with it.”
Premier Jacinta Allan
Melbourne is home to around three-quarters of all Build to Rent projects completed in Australia last year and 73% of Build to Rent apartments across Australia.
In recent reports from Charter Keck Cramer, there is a rapid increase in the number of Build to Rent projects in Melbourne. 580 apartments were completed in 2023, 13,900 apartments are expected to complete in the next three years, and an additional 18,200 have either planning approval or are in the early stages of the planning process.
“Docklands plays a key role in delivering much-needed housing in Melbourne – with more than 10,000 apartments delivered or under construction, providing new build-to-sell and Build to Rent housing in the centre of Australia’s fastest-growing major city.”
Minister for Development Victoria Colin Brooks
In Victoria, eligible Build to Rent developments that are completed and operational from 1 January 2022 until 31 December 2031 receive a 50% land tax concession for up to 30 years and a full exemption from Absentee Owner Surcharge.
In terms of dwelling approvals, Victoria is leading the country with the Australian Bureau of Statistics reporting approvals rose by 3.2% in March, followed by Western Australia at 1.5%.
“Victoria is leading the nation when it comes to Build to Rent and dwelling approvals – but we know there’s more work to be done and we’ll continue to pull every lever we can so industry can build more homes.”
Minister for Planning Sonya Kilkenny
