Construction underway on Docklands build-to-rent development

Build-to-rent projects are gaining momentum in Australia, with a 499-unit development now officially under construction in a prime pocket of Melbourne.

Lendlease’s new build-to-rent development located on the waterfront at 899 Collins Street in Docklands has broken ground, marked with a sod turn with the Hon. Lord Mayor, Nicholas Reece, Lendlease and delivery partner Nippon Steel Kowa Real Estate (NSKRE).

Due for completion in 2026, the 499-unit development offers a mix of studio, one, two and three bedroom apartments spanning 24 levels. Future residents will enjoy unobstructed water views over Victoria Harbour and south over the Yarra River out to Port Philip Bay.

The prized waterfront location is celebrated in the external communal spaces with an outdoor pool overlooking Victoria Harbour, along with first-class amenities such as a full-sized and fully equipped gym, cinema, wellness treatment rooms and private dining rooms.

“With 899 Collins now underway, Lendlease has close to 2,000 apartments under construction across the Melbourne Quarter and Victoria Harbour precincts of Docklands, which together amount to over 6,500 build-to-rent and on-market apartments once the precincts are complete," said Lendlease CEO development Tom Mackellar.

899 Collins Street will be the third build-to-rent building to be delivered by Lendlease in Australia, with Exhibition Place in Brisbane, and a Melbourne Quarter development currently under construction.

Earlier this month, Lendlease and NSKRE announced their first-ever partnership to deliver the development, which has an estimated end value of circa $500 million and marks NSKRE’s first entry into the Australian market.

“NSKRE is pleased to partner with Lendlease on 899 Collins Street development, our first entry into the Australian market," said Itaru Ishihara, managing director of international business Nippon Steel Kowa Real Estate.

"We look forward to commencing works on this build-to-rent development which will offer an ideal lifestyle right on the waterfront, while addressing Melbourne’s growing need for housing.”

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