This article is from the Australian Property Journal archive
ONE of Australia’s largest build-to-rent projects is a step closer to becoming reality after being endorsed by Melbourne City Council’s Future Melbourne Committee, adding more momentum to development activity in Docklands.
AsheMorgan’s $700 million-plus District Living project will provide over 900 build-to-rent apartments across two buildings on Little Docklands Drive. It will aim to capture young families in the market, located within the Docklands Primary School catchment and offering a mix of studios, one, two, and three-bedroom apartments – some in “Soho-style”, over two levels – as well as over 4,000 sqm of amenity.
Residents will have access to a wellness centre with a fitness studio, plunge pool, sauna and steam room, and sky terrace with kitchen, dining and relaxation spaces.
District Living will provide 2,500 sqm of private outdoor space including an outdoor dog park and dog wash, an outdoor fitness area, and large green open spaces to relax.
The public and local community will also benefit from retail spaces on the ground floor and a further 1,500 sqm of public outdoor open space.
The development is now before Minister for Planning Sonya Kilkenny.
“This project is a huge vote of confidence in Docklands and will be a fantastic new addition to the precinct. The quality of the design is really strong… the green open space that is being delivered will be much appreciated by the Docklands community and broader Melbourne community,” said Melbourne City Councillor Nicholas Reece.
AsheMorgan development director Mat Stoddart said Melbourne is facing a significant undersupply of housing, with the rental market in particular grossly undersupplied and vacancy rates hitting record lows.
“Project completions, both across build-to-rent and build-to-sell, are expected to fall well short of the required numbers in the next five years in terms of population growth, further cementing a need for a project such as this,” he said.
District Living will be all-electric and target a 7.5 NAThers rating, passing further cost-savings onto renters.
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- Hotel Molitor, façade
The project is located adjacent to 80,000 sqm of existing amenity including AsheMorgan’s existing investment, The District Docklands which includes a dining precinct and brands such as H&M and, currently, the NBA Exhibition.
AsheMorgan is also looking into connecting the build-to-rent project with North Melbourne station, which is 500 metres away, via a footbridge overpass on Footscray Road.
Docklands development momentum
Development of major projects in Docklands, on the western edge of the Melbourne CBD, is gathering momentum.
The Council committee’s endorsement of AsheMorgan’s project comes just a few weeks after prolific developer Tim Gurner and Liberman family-backed joint venture partner City Harbour unveiled plans for a “futuristic wellness and anti-ageing utopia” within their $1.7 billion Elysium Fields project on Harbour Esplanade, next to Marvel Stadium. It will offer anti-ageing protocols and equipment including cryotherapy, IV infusions, dry and infrared sauna, red light therapy, grounding and PEMF beds, and access to the “Elysian Reverse Ageing Medical Clinic”.
On completion, the entire development will include over 1,350 build-to-rent and build-to-sell apartments, a retail and hospitality precinct, 4-star short-stay hotel of circa 100 keys and 5-star hotel in the main tower of over 250 keys, with conference facilities, business club and hospitality offerings.
In January, developer Samma Property Group was given the green light for a $250 million tower on the Yarra River, next to the Bolte Bridge. Designed by Fender Katsalidis, the 31-storey tower will rise up from a 4,509 sqm island site at 194 Lorimer Street and comprise 402 apartments.
Meanwhile, as the AFL has been finishing off its overhaul of Marvel Stadium’s hospitality and amenities offering, backed by a $225 million investment from the Victorian government, the two partners entered a joint venture agreement to look at redeveloping two major Docklands sites. The sites at 140 and 160 Harbour Esplanade – which include the current Channel 7 broadcast centre – are being explored as opportunities for a range of potential uses including housing, commercial and entertainment.
Docklands has also just attracted a key investment from global alternative asset manager MA Financial, which bought the 273-room Vibe Docklands hotel for $96 million.
