PDG and Mirvac Build to Rent Partnership
PDG and Mirvac have entered into an agreement to develop a $333.5m build-to-rent project of 490 residences, located in the Munro precinct of Melbourne.
PDG and Mirvac Group have entered into an agreement to develop a $333.5m build-to-rent project of 490 residences, subject to planning approval and redesign which will ensure the building delivers purpose-built, build-to-rent product. The project is part of the $450 million Munro development, alongside the $250m Queen Victoria Market precinct renewal in Melbourne’s CBD.
Mirvac’s CEO & Managing Director, Susan Lloyd-Hurwitz, said, “Renting has become a lifestyle choice for a much wider group of people who want to be closer to work, and other lifestyle amenities. We believe build-to-rent can revolutionise the rental experience with improved choice, quality and security of tenure.
PDG was appointed by Melbourne City Council to develop the Munro precinct as part of the Queen Victoria Market renewal. The company will develop the build-to-rent project as part of the final stage of the precinct, commencing later this year, as well as a hotel and fine-grain retail. The first stage is under construction and will include the city’s largest community hub, public parking, affordable housing and child care. The Munro development will be one of the first major projects delivered with 6-Star Green Star Communities accreditation.
PDG Corporation Managing Director, Vince Giuliano, said the partnership is one of mutual respect and a shared vision for the community.
“This is an unprecedented partnership formed through great care and a duty to our city. We are proud to develop a new benchmark in Australian housing alongside a well-respected company with a shared vision.
“PDG and Mirvac both believe in the sustainability of our community and this flagship project will contribute to the activation of this vital precinct and greater choice for Melbourne residents,” Mr Giuliano said.
Lord Mayor Sally Capp said the City of Melbourne the proposal would provide long-term rental accommodation in an area of the city that is expected to grow by 22,000 people by 2040.
“These properties would be built for longer-term rental rather than offered for sale. The build-to-rent model is popular in Europe and the United States and offers longer-term security for tenants.
“Offering more diverse and affordable housing options is important for our city’s liveability. We hope to see more build-to-rent projects considered in the future as a way to help meet the needs of our growing population.
“The provision of high-quality accommodation in the Munro development would make a significant contribution to the revitalisation of the growing City North precinct.
“The scheme would provide high specification units and attract a new and diverse population into the heart of the Queen Victoria Market precinct. It would also complement the 56 affordable housing units that the City of Melbourne has committed to as part of this project.”