The build-to-rent market continues to grow apace in Melbourne with a further 474 apartments added to supply with the completion and opening of Mirvac’s LIV Aston project at Docklands.
It’s the developer and operator’s second build-to-rent asset in the city and includes 20 affordable housing apartments.
About 15 per cent of the tower has already been leased in what Mirvac build-to-rent lead Angela Buckley said was “probably Melbourne’s best views for a pet park”.
It’s the first asset in a new precinct being delivered at North Wharf, which also comprises a high-end commercial asset, 7 Spencer Street, which is under construction.
The LIV Aston project was delivered within Mirvac’s $1.8-billion build-to-rent venture with Mitsubishi Estate Asia and the Clean Energy Finance Corporation, while the developer’s Brisbane build-to-rent project LIV Anura is due to open this year.
Buckley said the growing asset class was adding to the housing continuum.
“Delivering housing supply that meets demand requirements and household accommodation preferences is key to improving affordability in our capital cities,” Buckley said.
“Creating thriving communities is what we do best at Mirvac, and to be able to provide new, high-quality rental accommodation in Melbourne is even more important with the backdrop of the current housing supply crisis.
“LIV Aston is centrally located, energy-efficient rental accommodation in the heart of the CBD in a growing precinct—an enviable location to access all that Melbourne has to offer.
“We are proud to have pioneered the build-to-rent sector in Australia, and we are pleased to see the strong response from renters to the launch of LIV Aston as our third operational build-to-rent community, with LIV Indigo in Sydney and LIV Munro at Melbourne’s Queen Victoria Markets now home to more than 1300 customers.”
Buckley said there was a strong market and fundamentals underpinning the rise of build-to-rent but acknowledged there was still work to be done on educating the market on what the asset class provides.
LIV Aston was modified midway through the development to provide greater co-working capacity, based on the high utilisation rates at LIV Munro at the Queen Victoria Markets.
Minister for planning Sonya Kilkenny said the newly opened asset would provide homes for hundreds of Victorians who can “ live in a great location close to great public transport, the CBD, jobs, and the iconic Yarra River”.
“Melbourne is the undisputed build-to-rent capital of Australia thanks to our leading reforms and we’ll continue to pull every lever we can to enable 800,000 homes of all kinds to be built over the next decade,” Kilkenny said.
Mirvac’s Angela Buckley said the company would be the first in Australia to operate build-to-rent assets in NSW, Victoria and Queensland, which she said demonstrated its market-leading position in the asset class.
“In Melbourne, we’re adding a total of 972 new build-to-rent apartments to the market by the end of 2025,” she said.
“Four years of operating LIV Indigo, our first development in Sydney, plus almost two years at LIV Munro in Melbourne has given us invaluable insights into what our customers need and want from our communities.
“More Australians are renting, whether by choice or by necessity. Four years into our operational build-to-rent business, we understand what customers need and want from their living communities and our proven track record speaks for itself.”
The Urban Developer undertands LIV Anura in Brisbane is expected to open this year, while work continues on LIV Albert at Brunswick, Victoria.
