Lendlease, Nippon to develop Melbourne BTR investment
Lendlease has partnered with Nippon Steel Kowa Real Estate to develop its first local build to rent investment, at Docklands.
The end value of the proposed 24 level tower, 899 Collins Street, should circle $500 million.
NSKRE will take a 40 per cent stake.
Lendlease, which will develop and act as investment manager, is set to bring in at least one other partner as development progresses.
NSKRE arrives in Oz
Headquartered in Japan, where it has extensive high rise residential and office development experience, the Docklands tower will be NSKRE’s maiden Australian investment.
It will be Lendlease’s third BTR asset – following Melbourne Quarter, under construction near 899 Collins St, and Exhibition Quarter in Brisbane.
The 499 dwellings will be configured as studios and with one, two and three bedrooms (story continues below).
Some units will have views to Port Phillip Bay and the Yarra River.
The complex is also designed with external communal spaces including a pool, dog park, outdoor rooftop BBQ area, music and podcast room, lounges, cinema, wellness treatment room, private dining rooms and full sized, fully equipped gym.
Set to be all electric too, targeting a 5-star Green Star Building rating, completion is scheduled in 2026.
Nippon Steel Kowa Real Estate managing director, International Business, Itaru Ishihara, said “NSKRE has always prioritised collaborating with reliable local partners when expanding our operations overseas”.
“We believe that implementing this project aligns perfectly with our corporate mission “Communicating with People, Creating the City,” he added.
“We are committed to ensuring its success through close cooperation with Lendlease and other stakeholders,” according to the executive.
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