QVM Residences: Among Melbourne’s First Build-to-Rent Developments

06 Jun 2019

PDG and Mirvac have entered into a significant agreement in an Australian first – to deliver build-to-rent residences within the $450 million Munro development alongside the $250 million Queen Victoria Market precinct renewal.

The project of 490 apartments will be Melbourne’s first build-to-rent building, developed by PDG and operated upon completion by Mirvac, subject to planning approval.

Project Overview

PDG was appointment by City of Melbourne to develop the Munro precinct as part of the Queen Victoria Market renewal.

The first stage of the project is currently under construction and includes the city’s largest community hub, public parking, child care and affordable housing.

The multi-phase project’s final stage is a mixed-use development that includes ground-floor retail, hotel space and apartments.

The development is one of the first major projects to be delivered with 6-Star Green Star Communities accreditation.

Making Market History

Queen Victoria Market is more than an amazing place for a visit or shopping trip – it’s also an important fixture of Melbourne’s culture and history.

It is the last of the major markets that shaped our city. Over time, our city shaped the market in turn. This cycle has repeated for nearly 150 years; a legacy of tillage and trade preceding the modern laneways and destinations we know today.

From the very beginning, PDG set out to create Melbourne’s most vital mixed-use development within the historic market precinct.

The development’s design drew inspiration from laneway culture and market heritage – created to be one of Australia’s most sustainable developments.

Fine-grain retail on ground level and a hotel component ensured market integration and a dynamic space for those visiting our great city.

Now, the build-to-rent project brings a new, ultra-modern rental model to Melbourne.

Build-to-Rent Benefits

Heralded as an upcoming major trend in property and real estate – as well as a partial remedy to housing issues – build-to-rent provides tenants with a number of benefits. This has caused the model to gain popularity in high-density areas within the USA and UK.

Those who live in a build-to-rent development often enjoy:

  • Longer term leases that alleviate stress and costs of moving
  • Low rents due to the long-term nature of the overall investment
  • Rolling leases with options to transfer to allied blocks in other areas
  • Centralised maintenance rather than individual property managers
  • Peace-of-mind via minimal disruption as a sole owner will never need to move in
  • Increased sense of community as long-term leases = long-term neighbours

All of these benefits create a new type of renter – one with roots. As a result, neighbourhoods flourish and communities thrive. When people feel secure and buildings are safe, lifestyles improve and contribute to local culture.

Melbourne is a market town – the first city council was created to mind the markets – and Queen Victoria Market is our link to both the past and the future. A place where traditions form and flourish.

PDG is proud to play a role not only in the precinct’s renewal but also in its history – as a place of Melbourne firsts, Queen Victoria Market is the perfect place for the city’s premier build-to-rent development.