Lendlease has been tasked with developing, constructing, and managing investments for a build-to-rent tower located at 646-666 Flinders Street. The tower will consist of 797 units.

Lendlease and Daiwa House Australia have joined forces for a promising build-to-rent project in the heart of Melbourne City.

The partnership aims to deliver 797 stylish residences in a 45-level tower that will transform the Melbourne Quarter precinct near the bustling Southern Cross train station.

Construction is scheduled to kick off in August 2023, with residents expected to move in by early 2026.

Lendlease will be crucial in developing, constructing, and managing the $650 million project while retaining a 25% stake alongside their Japanese partner, Daiwa House.

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This venture marks Lendlease’s second build-to-rent residence in Australia, following the success of their 443-unit rental tower at Brisbane Showgrounds, due for completion in 2025.

For Daiwa House, this project serves as their inaugural foray into the Australian build-to-rent market.

Like its Brisbane counterpart, the Melbourne Quarter building will offer a diverse mix of studio, one-, two-, and three-bedroom apartments catering to various lifestyle needs.

Dale Connor, the CEO of Lendlease Australia, expressed his enthusiasm for the partnership and its potential to attract international interest in Australian development. He highlighted that the collaboration with their Japanese partners has secured approximately $11 billion worth of investment in various global projects.

Koji Morishige, CEO of Daiwa House Australia, emphasised that the decision to invest in this build-to-rent opportunity was driven by their commitment to improving housing accessibility for Melbourne residents.

The development aims to address the growing demand for modern living spaces in the city by offering quality and well-located rental accommodation.

Once completed, Lendlease and Daiwa House’s ambitious project will contribute significantly to the transformation of the Melbourne Quarter precinct.

Boasting 3,800 residents and 14,000 workers, this vibrant mixed-use community will be a hub of activity. Tower residents can look forward to many amenities and facilities catering to their diverse interests.

There will be something for everyone, from a 25-metre lap pool to a fun-filled bowling alley, a karaoke and music studio, and virtual sports and games rooms.

A cinema and fully equipped gym with spa, sauna, and steam rooms will also offer relaxation and entertainment opportunities.