Mirvac Continues Build to Rent Momentum with Works Starting at Melbournes Northbank

Leading Australian property group, Mirvac, has officially started construction on LIV Aston, its fourth build to rent project, which will see the delivery of 474 build to rent apartments in 2024.

With ~$1 billion[1] in build to rent properties currently under construction nationally and a secured portfolio of 2,173 build to rent apartments, Mirvac continues to pioneer the build to rent sector in Australia. Mirvac’s total Victorian development pipeline of $9.3 billion demonstrates its commitment to developing high quality, sustainable assets that will leave a lasting legacy in Victoria.

The $400 million1 LIV Aston project, located on the corner of Spencer and Flinders Streets at Northbank close to Southern Cross Station, will be Mirvac’s second build to rent project to launch in Melbourne,  with construction at its first Melbourne project, LIV Munro, underway and due to complete in late 2022 at Melbourne’s Queen Victoria Markets.

City of Melbourne Lord Mayor, Sally Capp, today joined Mirvac Chief Executive Officer & Managing Director, Susan Lloyd-Hurwitz, Mirvac’s Head of Integrated Investment Portfolio, Campbell Hanan and General Manager Build to Rent, Angela Buckley, to celebrate the commencement of construction of the LIV Aston building.

Mirvac Chief Executive Officer & Managing Director, Susan Lloyd-Hurwitz, said “Mirvac is committed to providing Australians with a more diverse range of housing options and improving the supply of homes in sought-after urban locations, with a target to deliver 5,000 LIV apartments to be operational by 2030, providing a compelling alternative to traditional home ownership.

“Our build to rent strategy benefits from our integrated platform, our operating track record and our genuinely customer-centric approach. We have 1,360 units under construction, enabled by a seamless integration of project origination, product design and development, construction and asset management.

“It’s wonderful to be celebrating the start of construction on our second build to rent project in Melbourne, LIV Aston, today, which will make a significant contribution to the local economy with 2,000 construction jobs, as we continue to look at new ways to provide access to housing for more Australians.”

LIV Aston will be designed with ambitious sustainability 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.

Lord Mayor of Melbourne, Sally Capp said, “The Yarra River Northbank precinct is set to deliver a thriving new inner-city urban village to our city. I couldn’t be more thrilled to be standing here today, as Mirvac starts construction on a project that will provide access to more rental opportunities for Melbournians wanting to live in our vibrant city. This investment from Mirvac equals confidence in our city’s momentum, building a strong future.”

Mirvac pioneered the introduction of the build to rent asset class into Australia, launching its first project, LIV Indigo, in Sydney in September 2020.

Designed specifically for renters, the build to rent property sector aims to bridge the gap between buying and renting in the Australian property market, creating a viable option for those who can’t or choose not to own a home.

“18 months of operating LIV Indigo, our first build to rent development in Sydney, has yielded invaluable insights to leverage into the overall platform and offering. It is this focus on learning from our customers that has resulted in LIV Indigo being 98% leased and with 82% of residents recommending LIV to family and friends, and created a unique opportunity to harness real-time operating insights for our latest build-to-rent projects,” said Ms Lloyd-Hurwitz.

Mirvac Build to Rent General Manager, Angela Buckley said “LIV Aston will bring a completely new way of living to the city of Melbourne, with dedicated on-site team, a resident app, amenity designed to delivery convenience and an optimised living experience and a strong focus on sustainability.”

“All these elements ensure we are creating a home, not just a place to rent, giving residents a sense of safety, belonging and individuality, along with opportunity to connect with their neighbours and greater community. The LIV Aston location, all the building’s design and technology features and the sustainability credentials have all been purposefully curated with the future residents in mind.”

“Working closely with the City of Melbourne, we’re excited to be creating a new rental experience in this growing new Northbank precinct,” said Ms Buckley.

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 and pet washroom.

[1] Represents 100% expected end value, subject to various factors outside Mirvac’s control, such as planning outcomes, market demand, ongoing construction costs escalation, supply chain risks and COVID-19 uncertainties.