This article is from the Australian Property Journal archive
DEVELOPER Samma Property Group has been given the green light for a $250 million tower on the Yarra River, next to the Bolte Bridge in Melbourne’s Docklands, slated to be part of a $1.7 billion build-to-rent portfolio.
Designed by renowned architects Fender Katsalidis, the 31-storey tower will rise up from a 4,509 sqm island site at 194 Lorimer Street and comprise 402 apartments.
Samma announced its acquisition of the site late in 2021 shortly after it announced that alongside investment firm Brightlight it was plotting a $1.7 billion pipeline of “designed-to-rent” apartment projects, which the partners considered an evolution of the build-to-rent model that would incorporate ongoing assessment of wellbeing measures including resident surveys.
The portfolio would have four Melbourne projects, kicking off with a development planned for 65 Haig Street in Southbank.
Plans for the 194 Lorimer Street build-to-rent project assessed by the Melbourne City Council’s Future Melbourne Committee late last year included a recommendation from planning officers that affordable housing comprise 6% of the mix.
Samma says its “progressive” development will offer a “luxurious yet affordable” inner-city lifestyle, “with a clear focus on fostering community connection and improving mental health and wellbeing”. The site will include about 3,000 sqm of community indoor and outdoor amenities, 115 sqm of food and beverage facilities, and 850 sqm of community space.
It is proposed that a public realm will connect with the historic Shed 21 on the site, which will have its historical significance into the architectural design. Shed 21 is a collection of heritage-listed sheds dating from the 1950s that were built for the Melbourne Harbour Trust Commissioner.
The development will feature a non-traditional silhouette and two sculptural towers extending to ground floor, “drawing from nearby nautical inspiration that shapes the slender interlocking forms with a striking cantilevered beam reminiscent of the bridge of a ship”, said Fender Katsalidis partner James Pearce.
“The sculptural composition of slender interlocking forms provides an engaging complexity that invites resolution.
“Careful consideration has been given to the design of the podium in respect to the existing heritage fabric at the river’s edge, while the integration of the podium and tower forms provides a more dynamic experience of the building when viewed from the surrounding neighbourhood. The result is the creation of a new urban marker that will join a series of architectural moments dispersed along the CityLink freeway.”
Tract is at the helm of landscape architecture and town planning and ADP Consulting of environmental sustainable design and services. The all-electric infrastructure will boast a seven-star NatHERS rating and will target a five-star green star building certification.
An on-site management team will serve residents and an ongoing activity program aimed to foster connection and improve mental health and wellbeing.
Samma said the development will also benefit from $85 billion of infrastructure projects either recently completed or committed within the immediate vicinity, including Australia’s largest urban renewal project, Fishermans Bend, covering approximately 480 hectares on the city’s edge.
Australia’s build-to-rent sector is expected to mature into a $9.6 billion market by 2027, and while federal government tax arrangements still present challenges, the Victoria and NSW governments have introduced concessions. Most existing developments either under construction or in planning are in Melbourne, and many of these are on the city’s edge or in inner suburbs.
Major institutional players and developers active in the Melbourne market include Greystar, Mirvac, Investa and Oxford’s Indi, as well as Gurner, Altis, Hines, and Sentinel and PGGM. Mirvac’s $355 million build-to-rent project overlooking Queen Victoria Market on the city’s northern edge has just opened.
