A shovel-ready 404-apartment build-to-rent project at Docklands is on the block as Samma Property Group seeks a capital backer for the development.
The Waterfront Tower site is at the western end of Mirvac’s masterplanned Yarra’s Edge precinct and has planning approval for a Fender Katsalidis-designed 31-storey tower.
The project is expected to net more than $250 million, according to Colliers national directors Jozef Dickinson and Robert Papaleo.
Samma Property Group is expected to recycle its capital to expand its build-to-rent portfolio further.
Samma executive director Simon Abdelmalak said the business was bringing its “proven skillset to the build-to-rent space”.
“We have purposefully purchased this site as a build-to-rent location and see delivering Waterfront Tower at a fixed price and fixed time as an attractive investment opportunity,” Abdelmalak said.
“Alongside our delivery capability Samma has long been working on enhancing our communities platform.
“We currently have over 1200 homes under management and are keen to explore this further should the opportunity be presented via this process.”
The build-to-rent tower at 194 Lorimer Street in the City of Melbourne’s Docklands area won approval in January this year.
Samma Property bought the site in November 2021 for an undisclosed price as part of Samma’s second Designed To Rent initiative.
Docklands has more than 5000 residents and 30,000 employees working in the area who the build-to-rent tower would help to accommodate, according to Colliers’ Robert Papaleo.
“Waterfront Tower will allow an astute investor to secure a high-quality residential asset in a key precinct of Central Melbourne at a time when vacancies are already at record lows and strong rental growth will continue due to the upcoming peak of new housing demand and unprecedented challenges for new housing supply to be delivered,” he said.
“[It’s a] landmark build-to-rent opportunity to provide an exciting residential offering to the deep pool of professionals attracted to Docklands for its access to high-income jobs and unique waterfront lifestyle.”
