Mirvac has broken ground on its fourth Build to Rent (BTR) site, LIV Aston, while global real estate giant Hines has made its third BTR acquisition in Australia – both of which are in Melbourne.
LIV Aston will combine office space with 472 apartments, as well as more than 2000 square metres of amenities, on Melbourne’s Northbank; Angela Buckley, Mirvac’s General Manager for Build to Rent (pictured left), says Mirvac will use learnings from its successful BTR at Sydney’s Olympic Park.
BTR is becoming an attractive alternative to traditional villages for seniors, with Mirvac’s LIV Indigo at Sydney Olympic Park 98% full; a healthy chunk of its residents are over 50 years of age.
“Increasing numbers of Australians are choosing to rent and their expectations for high quality service as part of the urban lives is increasing.
“We believe the growth of the build to rent sector will change that dynamic and give renters the control and customer care they deserve,” she said.
Another BTR in the pipeline for Melbourne is Hines’ 400-unit project at 15-33 Bank Street and 35-37 Bank Street, South Melbourne (pictured), its third acquisition in less than nine months. Sam Bisla, Head of Living, Australia at Hines, said Australian BTR is a key strategic growth market for the firm and its investors.
“Our global expertise, coupled with local track record, in residential and BTR development, operations, and investment management has allowed us to secure a portfolio of over 850 BTR units with an end value of approximately A$820 million,” he said.