Japanese Giants Join $600m Melbourne BtR Scheme

AsheMorgan has secured backing from a trio of heavyweight Japanese investors for the first stage of District Living, a $600-million build-to-rent precinct in Melbourne’s Docklands. They are Marubeni Corporation, Haseko Corporation and Mizuho Leasing. Marubeni is one of Japan’s largest trading and investment companies and has developed infrastructure and urban projects globally. The partnership is Marubeni’s first investment in Australia’s build-to-rent sector. Marubeni overseas real estate department general manager Noritake Miyaguchi said the company saw “enormous potential in build-to-rent as a housing solution in Australia”. The project received ministerial approval in May 2024. Construction is scheduled to start next month. Stage One will comprise 626 apartments across two buildings on Little Docklands Drive. The project was designed by Warren and Mahoney and is to be built by Kapitol. Kapitol co-founder Andrew Deveson said District Living would deliver much-needed apartment stock to the market and “serve the city for decades to come”. “Australia’s rising demand for rental housing highlights the importance of building with quality and longevity in mind,” he said. Kapitol said it would apply digital innovation methods including advanced design co-ordination, 4D sequencing and prefabrication to improve precision and efficiency. AsheMorgan principal Mendy Moss said the collaboration with Marubeni, Haseko and Mizuho Leasing was “an exciting step for AsheMorgan”. The project will deliver more than 900 apartments across two buildings. The apartment mix comprises studios, one, two and three-bedroom apartments as well as Soho-style dual-level apartments. Delete Stage One will include more than 2200sq m of resident amenity, including a wellness centre with gym, plunge pool, sauna, steam room and sky terrace. The project will also deliver 1400sq m of private outdoor space, a dedicated kids zone, dog-friendly areas and landscaped zones, as well as ground-floor retail and 1700sq m of public open space. Warren and Mahoney principal and project lead Simon Topliss said the project “functions as the social and residential heart of a larger vertical village—a diverse and inclusive community that complements and strengthens the Docklands precinct rather than operating in isolation”. The design includes more than 6500sq m of shared spaces including community kitchens, co-working facilities and multi-generational outdoor areas. ▲ A new pedestrian connection via St Mangos Lane will link the central plaza to Little Docklands Drive, creating ground-level retail opportunities. Image: Warren and Mahoney District Living residents will have the use of amenity at AsheMorgan’s established District Docklands precinct. There are plans for a pedestrian link to North Melbourne station. Other build-to-rent and mixed-use developments under way in Docklands include Local Residential and MONNO’s $350-million, 391-apartment build-to-rent tower at 111 Lorimer Street. Also in the locale, Gurner’s Elysium Fields development at Digital Drive has secured conditional approval for a second stage comprising 436 homes, 176 hotel rooms and 103 serviced apartments. And Development Victoria and the AFL are seeking partners for a major mixed-use project at 140 and 160 Harbour Esplanade, with approval for 181,730sq m across three towers alongside Marvel Stadium.

Japanese Giants Join $600m Melbourne BtR Scheme

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