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Mirvac tops out LIV Aston building in Melbourne

Mirvac tops out LIV Aston building in Melbourne

Mirvac has celebrated a significant milestone in Melbourne with the topping out ceremony for LIV Aston, its third build-to-rent project.

With the installation of the highest structural element now complete and construction progressing, LIV Aston is on track for its scheduled completion by mid-2024.

Mirvac CEO and managing director Campbell Hanan and fund manager – BTR sector lead Angela Buckley joined Sara Thomas, director at the Clean Energy Finance Corporation (CEFC), and Yuzo Nishiyama, head of Australia at Mitsubishi Estate Asia (MEA), to celebrate the construction milestone.

“Three years of operating LIV Indigo, our first build-to-rent development in Sydney, plus 12 months at LIV Munro in Melbourne has given us invaluable insights to leverage into the overall LIV platform and offering,” said Buckley. “Today we have more than 1,200 customers, and this will triple within the secured portfolio, so we are continuously learning and refining to deliver the best living experience for our residents.”

“LIV Aston, in the heart of Melbourne’s Northbank precinct, has been designed with ambitious ESG targets, water and waste/recycling initiatives and 100 per cent 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.”

Once finished, LIV Aston will offer an additional 474 build-to-rent apartments, including 20 dedicated affordable housing units, in Melbourne’s CBD.

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The LIV Aston project will be the first operational building within a new mixed-use precinct being delivered by Mirvac at 7 Spencer Street. This precinct will encompass build-to-rent apartments, a modern workplace (currently under construction), and retail and amenity spaces, contributing to Melbourne’s emerging Northbank precinct and the Greenline project.

Presently, Mirvac has around $1 billion worth of build-to-rent properties under construction nationwide, complemented by a secured portfolio of approximately 2,200 build-to-rent apartments. Mirvac’s $1.8 billion build-to-rent venture, in collaboration with investors CEFC and MEA, is on target to deliver 5,000 build-to-rent apartments that are operational by 2030, with approximately 870 set for completion in 2024 across two projects – LIV Aston and LIV Anura in Brisbane.

“The recent establishment and capitalisation of our build-to-rent venture supports our vision to increase our exposure to the build-to-rent sector, grow our portfolio in the medium term, and play a key role in helping address the housing and rental shortfall in Australia,” said Hanan.

“Additionally, our recent expansion into land lease communities reinforces our position as the only residential developer in Australia delivering across the spectrum of housing typologies from rental housing, build-to-rent, land lease, house and land, medium density and high-density living.

“Creating thriving communities is what we do best, and to be able to provide more quality rental accommodation is all the more important with the backdrop of the housing supply crisis.”

The LIV Aston building is set to offer a total of 2,600 square meters in both indoor and outdoor resident facilities. These amenities will include a health and wellness centre complete with a 25-metre lap pool, infrared sauna, gym, and yoga deck. Additionally, it will include a rooftop lounge, outdoor dining and BBQ area, media rooms, co-working club, and lush green spaces, including a pet park.

“We are thrilled to be part of the journey in delivering LIV Aston with Mirvac and CEFC,” said Nishiyama. “LIV build-to-rent reflects MEA’s vision in developing high-quality assets and continuously bringing quality living experience and various housing options to our customers.”

The Greenline project is the revitalisation of the north bank of the Yarra River, where LIV Aston is located, and is set to create a four-kilometre stretch of interconnected promenades, parks and open spaces between Birrarung Marr and the Bolte Bridge.

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