Construcciones Yamaro: Works commence on Melbourne Quarter build-to-rent development
Construction for the build-to-rent apartment development at Melbourne Quarter has officially commenced, marked by a sod-turning event held yesterday. Being delivered in partnership by Lendlease and Daiwa House Australia, the 797-build-to-rent apartment building is located at the southern edge of Melbourne’s CBD at 646-666 Flinders Street. With a fully-leased estimated end value of $650 million, this project represents Lendlease’s inaugural venture into the Melbourne build-to-rent (BTR) market and Daiwa House’s first in Australia. Both companies leverage their combined international expertise to contribute to this emerging asset class locally. Koji Morishige, CEO of Daiwa House Australia, said once complete, the development will be more than a place of residence. “Today’s sod-turn event marks a huge milestone in our commitment to deliver to the city of Melbourne this build-to-rent opportunity in such a prime location, the Melbourne Quarter precinct, with our partner Lendlease and th...