Australia: Fund manager AsheMorgan has lodged an application to build more than 900 rental apartments across two towers at its District Docklands precinct.
The proposed BTR development, called AsheMorgan hopes District Living, will feature a mix of studios, one-, two-, and three-bedroom apartments and amenities including a wellness centre, sky terrace and dog park.
A development application has been lodged with Victorian Minister for Planning Sonya Kilkenny. If approved, AsheMorgan expects to commence construction in the second half of 2024.
The $700 million BTR development is proposed for a one-hectare car park site at 24 Little Docklands Drive. It is the next step in the evolution of the 10-hectare retail precinct, which AsheMorgan acquired for AUD$150 million in 2015. It has already spent $500 million transforming the former Harbour Town mall into a mixed-use offering by adding office space, hotel accommodation, a fresh-food hub and new dining and entertainment options.
“We’re trying to pioneer a new inner urban experience,” said AsheMorgan’s Victorian development director, Andrew Whiteside, in February after the 211-room Nesuto apartment hotel opened its doors.
The project is one of several BTR developments recently announced for the area. AsheMorgan development director Mat Stoddart said: “Over 50 per cent of residents within Docklands are aged between 20 and 40 and almost 60 per cent are working as professionals or managers, making them the primary target market for BTR.”
