Lendlease has forged a joint venture partnership with Japan's Mitsubishi Estate Asia in Melbourne Quarter's $400 million East Tower.
The Japanese property powerhouse will hold half of the project’s first residential tower leaving the remaining 50 per cent to Lendlease. This venture marks the first time Mitsubishi Estate Asia has invested in Melbourne.
The partnership was fuelled by the desire to bring big-ticket international companies on board to help deliver Melbourne Quarter, according to Lendlease chief executive for property Kylie Rampa.
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“We are reimagining this part of Melbourne’s CBD as a new city landmark, with more than 50 per cent of the precinct dedicated to public open space.
“This partnership with Mitsubishi furthers Lendlease’s strategy to engage with world-leading organisations to bring to life our vision to create the best places,” Rampa said.
Located at 628 Flinders Street, Melbourne Quarter’s East Tower is Lendlease’s largest residential building in Australia at 44-storeys, offering views over the CBD, the Yarra River and Port Phillip Bay.
Part of a set of three buildings, the East Tower features 719 apartments designed by Fender Katsalidis Architects.
Construction of East Tower commenced earlier this month.
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Mitsubishi Estate is an international real estate development company with ¥141,898 million in in-paid capital, operating in the United States, the United Kingdom and China.
The company claims to hold the leading position in the Japanese market, operating a spectrum of businesses in real estate-related fields including office buildings, retail property, residential business and hotel business.
“East Tower in the Melbourne Quarter precinct will offer refined apartment living in close proximity to the shops, galleries and restaurants that the city of Melbourne is renowned,” Mitsubishi Estate Asia managing director Shojiro Kojima said.
Once finished, Melbourne Quarter will be home to 3,000 residents and 12,000 workers.
The precinct will feature three public green spaces comprising a neighbourhood park next to East Tower, an elevated garden called the Skypark on Collins Street, and a new city square at the heart of the precinct.
Melbourne Quarter’s residential towers received planning approval from Planning Minister Richard Wynne in August 2016. Construction is underway on the precinct’s first office building One Melbourne Quarter, which is due to be completed in September 2018.
