Tall & Urban News

Large Build-to-Rent Project Approved by the City of Melbourne

Melbourne. image by Dmitry Osipenko on Upsplash
Melbourne. image by Dmitry Osipenko on Upsplash
22 May 2024 | Melbourne, Australia

One of Australia's largest build-to-rent development has been approved to move forward, with more than 900 units planned across two high-rises in Melbourne's Docklands. The Victorian Department of Transport and Planning approved the $240-million AUD project, featuring the skyscrapers with retail on the ground floor and a public plaza.

Developed on a 9,643 square-meter site at 24 Little Docklands Drive, the buildings exceed the height limits laid out by the council development plan and are proposed to reach 18 and 23  stories, offering 299 and 626 apartments respectively. Plans also include parking for cars, motorcycles, and bicycles.

Designed by Warren and Mahoney, they are supported by the City of Melbourne’s Future Melbourne Committee. Melbourne leads Australia in build-to-rent projects, with 73 percent of national projects being built in the region. As sited in The Urban Developer, Charter Keck Cramer data indicates significant growth, with 680 apartments completed in 2023 and over 13,900 scheduled by 2026, alongside 18,200 awaiting approval or in planning.

Projects completed between 2022 and 2031 may benefit from a 50 percent land tax concession and an exemption from the Absentee Owner Surcharge. For this project, developer AsheMorgan will pay $8 million AUD to an affordable housing agency in lieu of providing discounted housing. 

Learn more at The Urban Developer