Mirvac continues build to rent momentum in Melbourne as LIV Aston building tops out
Mirvac today announced the ‘topping out’ of its third build to rent project, LIV Aston in Melbourne, with the installation of the highest structural element now complete and construction progressing which will see the delivery of a further 474 build to rent apartments in Melbourne’s CBD in mid-2024. LIV Aston will also include 20 dedicated affordable housing apartments.
The LIV Aston project will be the first operational building within a new mixed-use precinct being delivered by Mirvac at 7 Spencer Street, bringing together build to rent apartments, a world-class modern workplace, also under construction, and quality retail and amenity, in Melbourne’s emerging Northbank precinct and Greenline project.
With ~$1 billion in build to rent properties currently under construction nationally and a secured portfolio of ~2,200 build to rent apartments, Mirvac’s $1.8 billion build to rent venture with investors the Clean Energy Finance Corporation (CEFC) and Mitsubishi Estate Asia Pte. Ltd (MEA) is on target to deliver 5,000 build to rent apartments that are operational by 2030, with ~870 set for completion in 20241.
Mirvac Group CEO & Managing Director, Campbell Hanan, said “The recent establishment and capitalisation of our build to rent Venture supports our vision to increase our exposure to the build to rent sector, grow our portfolio in the medium term, and play a key role in helping address the housing and rental shortfall in Australia.
“Additionally, our recent expansion into land lease communities reinforces our position as the only residential developer in Australia delivering across the spectrum of housing typologies from rental housing, build to rent, land lease, house and land, medium density and high density living.
“Creating thriving communities is what we do best, and to be able to provide more quality rental accommodation is all the more important with the backdrop of the housing supply crisis. In 2024, LIV will be the only build to rent portfolio in Australia operating across New South Wales, Victoria and Queensland, demonstrating our market-leading position and ability to deliver,” said Mr Hanan.
Mirvac CEO & Managing Director, Campbell Hanan and Fund Manager – BTR Sector Lead, Angela Buckley joined Sara Thomas, Director, CEFC; and Yuzo Nishiyama, Head of Australia, MEA today to celebrate the construction milestone.
Fund Manager – BTR Sector Lead, Angela Buckley said “Three years of operating LIV Indigo, our first build to rent development in Sydney, plus 12 months at LIV Munro in Melbourne has given us invaluable insights to leverage into the overall LIV platform and offering. Today we have more than 1,200 customers, and this will triple within the secured portfolio, so we are continuously learning and refining to deliver the best living experience for our residents.
“LIV Aston, in the heart of Melbourne’s Northbank precinct, has been designed with ambitious ESG targets, water and waste/recycling initiatives and 100% renewable electricity. Mirvac is targeting a 7.5-star average NatHERS, 5-star Green Star Design & As-Built and NABERS Energy and Water rating for Apartment Buildings.
CEFC Head of Property, Michael Di Russo said: “Congratulations to Mirvac on reaching this milestone towards increasing the supply of energy efficient housing. The CEFC is proud to support Mirvac’s BTR platform which provides an excellent example of sustainable design, construction and operation of property assets. The development of assets like this is crucial to meeting our net zero emissions goals, while providing benefits to tenants and investors alike.”
Yuzo Nishiyama, Head of Australia, MEA, said, “"We are thrilled to be part of the journey in delivering LIV Aston with Mirvac and CEFC. LIV build to rent reflects MEA’s vision in developing high quality assets and continuously bringing quality living experience and various housing options to our customers.”
Mirvac’s total Victorian development pipeline of $9.1 billion demonstrates its commitment to developing high quality, sustainable assets that will leave a lasting legacy in Victoria.
The building will feature 2,600 square metres of indoor and outdoor resident facilities including a health and wellness centre featuring 25m lap pool, infrared sauna, gym, yoga deck, rooftop lounge, outdoor dining and BBQ area, media rooms, co-working club and green spaces, including pet park.
The Greenline project is the revitalisation of the north bank of the Yarra River, where LIV Aston is located, and is set to create a four-kilometre stretch of interconnected promenades, parks and open spaces between Birrarung Marr and the Bolte Bridge in what will become Melbourne’s largest green space.
1 Across two projects – Liv Aston and Liv Anura in Brisbane.
Mirvac acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Owners of the lands and waters of Australia, and we offer our respect to their Elders past and present.
Artwork: ‘Reimagining Country’, created by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji) of We are 27 Creative.