Lendlease and QuadReal launch first build-to-rent project in Australia
The project is the launch of Lendlease’s build-to-let capability in Australia where it will bring its global experience to the emerging sector, which is one of the few global
Since 2019, Lendlease has delivered more than 2,600 apartments for rent internationally, with a further 1,500 in key cities including Chicago, New York and London. Lendlease’s global build-to-let pipeline is approximately AU$28 billion.
QuadReal will bring its extensive experience in managing and developing a global portfolio of 60,000 residential units to the partnership, investing alongside Lendlease.
Lendlease will also act as development and investment manager.
The purpose-built development is set to offer residents a high-quality, long-term alternative to the traditional apartment rental market, and will offer 443 build-to-rent properties in a mix of studio, one, two and three bedroom apartments. 37 levels provided. .
Residents will have access to first-class amenities and common spaces that will include a 25m lap pool with beachfront, podcast/music recording studios, barbecue pavilion, fully equipped gym, collaboration facilities, outdoor spa retreat, dog washing facilities, yoga room. resident lounges and much more. Located close to major transport links, the development will also provide residents with dedicated on-site service teams with a 24-hour first class concierge service.
The building will be fully electric and target a 5 Star Green Star Buildings Version 1 rating. Construction should begin in early 2023 and residents can move in in late 2025.
Lendlease is actively pursuing other key build-to-let opportunities in Australian capital cities with investors, both through Lendlease’s urban development pipeline and other market opportunities.
Quotes attributed to Dale Connor, CEO, Lendlease Australia
“We see enormous potential in the emerging build-to-rent sector in Australia with institutional investors attracted to high-quality residential property for its resilient income profile.
“In the Australian market, we believe there is strong demand for long-term, premium rentals in quality locations. Our partnership with QuadReal will bring the best of our shared global experience and capability to deliver one of the best examples in Australia.”
Quotes attributed to Peter Kim, Managing Director, QuadReal Asia
“The residential build-to-rent sector has been one of QuadReal’s strongest global beliefs for some time, given its resilience through economic cycles and the community benefit of the commitment to increase places for people to live.
“We are excited to invest in our first build-to-rent project in Australia with Lendlease, a partner with whom we share, among other commitments, a fundamental desire to serve our residents and fiduciary responsibility to all our stakeholders.”
For more information:
General Manager Foreign Affairs
+61 428 483 828