Mirvac’s Second Melbourne Build-to-Rent Project Met With Strong Early Demand

LIV Aston is the first operational building within a new mixed-use precinct being delivered by Mirvac at North Wharf, bringing together BTR apartments, a new world-class office building, 7 Spencer Street, currently under construction, and quality retail and shared community spaces.

Located next to the city’s recently commenced Greenline project, LIV Aston has been delivered by Mirvac’s $1.8 billion build to rent venture with investors Mitsubishi Estate Asia Pte. Ltd (MEA) and the Clean Energy Finance Corporation (CEFC).

Opened today by the Victorian Minister for Planning, the Hon. Sonya Kilkenny MP, and Melbourne Lord Mayor, Nick Reece, the new community launches against a backdrop of historically low rental vacancy rates.

Mirvac’s BTR sector lead Angela Buckley said the need for more variety in housing formats to be delivered across the housing continuum has never been more important.

“Delivering housing supply that meets demand requirements and household accommodation preferences is key to improving affordability in our capital cities. 

“Creating thriving communities is what we do best at Mirvac, and to be able to provide new, high quality rental accommodation in Melbourne is even more important with the backdrop of the current housing supply crisis. LIV Aston is centrally located, energy efficient rental accommodation in the heart of the CBD in a growing precinct - an enviable location to access all that Melbourne has to offer.

“We are proud to have pioneered the build to rent sector in Australia, and we are pleased to see the strong response from renters to the launch of LIV Aston as our third operational BTR community, with LIV Indigo in Sydney and LIV Munro at Melbourne’s Queen Victoria Markets now home to more than 1,300 customers.”

Minister for Planning Sonya Kilkenny said: "We need more homes for more Victorians and this development will ensure hundreds of Victorians can live in a great location close to great public transport, the CBD, jobs, and the iconic Yarra River."

“Melbourne is the undisputed build-to-rent capital of Australia thanks to our leading reforms and we’ll continue to pull every lever we can to enable 800,000 homes of all kinds to be built over the next decade.”

Lord Mayor of Melbourne, Nick Reece said: "Melbourne is Australia's largest and fastest growing city - in the City of Melbourne alone we welcomed 17,000 new residents last year.

"It's vital Melbourne continues to meet demand with quality, liveable and affordable housing, like LIV Aston. The appetite for build-to-rent living in Melbourne is insatiable, and this development will deliver more residents, energy and economic activity into the city," he said.

LIV Aston includes a range of studio, one, two, and three-bedroom apartments, and features 2,600 square metres of indoor and outdoor resident facilities, centred around a health and wellness hub with a 25m lap pool and spa, traditional and infrared saunas, fully-equipped gym and multi purpose room for classes. Residents can also enjoy a rooftop lounge, outdoor dining and BBQ area, cinema and media room, co-working and green spaces, including a pet park.

Designed by Fender Katsalidis, with interiors by Hecker Guthrie and built by Mirvac Construction, LIV Aston has ambitious ESG targets, water and waste/recycling initiatives and 100% renewable electricity for residents. The building is targeting a 7.5-star average NatHERS, 5-star Green Star Design & As-Built and 4 Star NABERS Office Base Building Energy certification.

With a secured portfolio of ~2,200 BTR apartments, Mirvac’s BTR venture has a further ~900 apartments set for completion by the end of 2025 – including 396 apartments recently topped out in Brisbane’s Newstead at LIV Anura, along with 498 apartments at LIV Albert Fields, in Brunswick, Melbourne.  

Yuzo Nishiyama, Mitsubishi Estate Asia’s Head of Australia said: “As the first Built-to-Rent development in west end of Melbourne's CBD, Mitsubishi Estate Asia is thrilled to see LIV Aston setting a new standard and transforming the lifestyle and community at North Wharf.

“Demonstrating strong leasing momentum, LIV Aston leverages the extensive expertise gained from operating LIV Indigo and LIV Munro to offer an elevated, customized living experience. We are committed to continue creating high-quality, next-generation Built-to-Rent assets and look forward to welcoming even more customers in the years ahead,” he said.

CEFC Chief Asset Management Officer, Sara Leong said: “We are proud to be a part of this ambitious build-to-rent strategy which drives enhanced sustainability outcomes for tenants and plays an important role in the decarbonisation of Australia’s rental housing portfolio with its unique whole-of-lifecycle approach. Supporting the delivery of clean energy solutions and improving energy efficiency creates better, future ready homes that reduce energy use and costs for tenants whilst tackling greenhouse gas emissions in our residential sector.”

Ms Buckley said: “Within the next financial year, Mirvac’s LIV portfolio will be the first in Australia to operate BTR properties across New South Wales, Victoria and Queensland, demonstrating our market-leading position and ability to deliver. In Melbourne, we’re adding a total of 972 new BTR apartments to the market by the end of 2025,” she said.

“Four years of operating LIV Indigo, our first BTR development in Sydney, plus almost two years at LIV Munro in Melbourne has given us invaluable insights into what our customers need and want from our communities.

“More Australians are renting, whether by choice or by necessity. Four years into our operational BTR business, we understand what customers need and want from their living communities and our proven track record speaks for itself.

“LIV Mirvac provides a genuine and new housing choice for renters, whether this be security of tenure while on the path to home ownership or flexibility for when life changes happen, we meet the needs for our residents at key life stages – as well as a real community, not just a place to live,” she said.

Mirvac’s total Victorian development pipeline of $8 billion demonstrates its commitment to developing high quality, sustainable assets that will leave a lasting legacy in Victoria.