Shovels Hit Dirt on Lendlease, Daiwa Melbourne BtR

Work is under way on Lendlease’s first build-to-rent project in Melbourne, a 797-apartment tower at the southern edge of the CBD.

The tower at 646-666 Flinders Street in Lendlease’s Melbourne Quarter is a joint venture between the developer and Daiwa House Australia announced in July.

It is the first Australian build-to-rent for Daiwa.

With a fully leased estimated end value of $650 million, the development comprises a mix of studio, one, two and three bedroom-apartments over 45 levels.

Residents are expected to take occupancy in early 2026 and will have access to amenities and communal spaces including a 25m lap pool, bowling alley, karaoke and music studio, co-working space, virtual sports and games rooms, cinema, fully equipped gym with spa, sauna and steam rooms, with a dedicated onsite concierge.  

Lendlease is acting as developer, construction manager and investment manager for the all-electric building that is targeting a 5-Star Green Star Design and As Built v1.3 rating.

The development is the final piece of Lendlease’s Melbourne Quarter precinct that will be home to 14,000 workers and more than 3800 residents.

Lendlease and Daiwa House have partnered on developments in global gateway cities, including the 41-storey Claremont Hall with 165 residences in Manhattan, and a recently announced 259-apartment development at Elephant Park in central London.

▲ A render of Claremont House in Manhattan, New York, another of the Lendlease and Daiwa joint ventures.