Construcciones Yamaro: Lendlease and NSKRE partner on $500M build-to-rent project
Lendlease and Nippon Steel Kowa Real Estate (NSKRE) have announced their first-ever partnership to deliver a waterfront build-to-rent apartment development at 899 Collins Street, Docklands, with an estimated end value of around $500 million.
Under the terms of the new partnership, NSKRE will take a 40 per cent equity share in the venture, while Lendlease plans to bring in additional partners as the project progresses.
Tom Mackellar, CEO of development at Lendlease, said the partnership with NSKRE to deliver a waterfront build-to-rent development in Melbourne offers a strategic opportunity to leverage both companies’ global expertise.
“This announcement also highlights the continuing demand from our Japanese partners for high-quality opportunities across our development pipeline, and we look forward to working together to deliver on NSKRE’s first project in the Australian market,” said Mackellar.
Headquartered in Japan, NSKRE has expertise in developing and leasing office buildings, condominiums for sale and logistics, in addition to international high-end rental condominiums.
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Lendlease will oversee development and construction, and act as the investment manager for the project, with early works already underway. Construction is expected to commence later this year, targeting completion by 2026.
Located in Lendlease’s established Victoria Harbour precinct, the Docklands development will be the company’s third build-to-rent project in Australia, following Exhibition Quarter in Brisbane and another build at Melbourne Quarter. Lendlease is currently delivering around 2,800 build-to-rent apartments and managing around 2,400, bringing its portfolio in the sector to 5,200 units.
The Docklands development will feature 499 residences, offering a mix of studio, one, two, and three-bedroom apartments spread across 24 levels. Residents will enjoy unobstructed views of Victoria Harbour and the Yarra River, with communal spaces designed to take advantage of the waterfront setting. Amenities will include an outdoor pool, rooftop BBQ area, dog park, gym, cinema, music and podcast rooms, and private dining areas. The building will also be all-electric, targeting a 5 Star Green Star Building rating.
Itaru Ishihara, managing director of international business at NSKRE, said the company has always prioritised working with reliable local partners when expanding its operations overseas.
“As we make our inaugural entry into the Australian market, we are delighted to partner with Lendlease, a company renowned for its outstanding achievements and significant presence in Australia,” said Ishihara. “Moreover, this project aims to address the housing needs of Melbourne’s growing population, focusing on the increasingly popular build-to-rent sector.”
“We believe that implementing this project aligns perfectly with our corporate mission – ‘Communicating with People, Creating the City.’ We are committed to ensuring its success through close cooperation with Lendlease and other stakeholders.”
The post Lendlease and NSKRE partner on $500M build-to-rent project appeared first on Inside Construction.
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