Colliers to offer Waterfront Tower, a premium BTR opportunity on the Yarra River in Docklands

Colliers National Directors Jozef Dickinson and Robert Papaleo have been exclusively appointed to bring a unique waterfront Build To Rent (BTR) project in Melbourne’s Docklands to market on behalf of Samma Property Group.

The Waterfront Tower project is prominently positioned at the western end of Yarra’s Edge, a masterplanned precinct in Docklands created by Mirvac, and has planning approval for 404 apartments in a purpose-designed BTR scheme by renowned architects Fender Katsalidis.

“Waterfront Tower presents an outstanding opportunity to secure a partnership with an established and well-credentialed developer to deliver a high-quality BTR project located directly on the Yarra River in the fast-growing Docklands, having the benefit of being only a short bus trip or stroll along River Esplanade into the CBD,” said Jozef Dickinson, National Director at Colliers. The 31-level tower features two dedicated levels of resident amenities and ample car parking. The rare offering is directly positioned on the Yarra River, providing uninterrupted view lines over Docklands and towards the CBD skyline and Port Philip Bay.

“Docklands and in particular the Lorimer Street precinct has undergone a massive transformation in the last decade and is now a mature precinct of central Melbourne with an abundance of services and amenities, conveniently located just 2 km from the heart of the CBD,” Mr Dickinson added.

The EOI process for Waterfront Tower comes only a month after the Colliers BTR team announced the deal between UEM Sunrise and Greystar at Collingwood, a deal that sees UEM Sunrise deliver circa 400 apartments for Greystar at a value of approximately $277million.

Simon Abdelmalak, Executive Director at Samma Property Group, stated, “Samma as a business is excited to bring our proven skill-set to the BTR space. We have purposefully purchased this site as a BTR location and see delivering Waterfront Tower at a fixed price and fixed time as an attractive investment opportunity.”

“Alongside our delivery capability, Samma has long been working on enhancing our ‘communities’ platform. We currently have over 1200 dwellings under management and are keen to explore this further should the opportunity be presented via this process,” Mr Abdelmalak added.

With over 5,000 residents and more than 30,000 employees at leading businesses such as NAB, KPMG and ANZ, already across Docklands, it has become one of Melbourne’s most significant employment
hubs, expanding the commercial reach of the traditional CBD grid. The recent addition of Woolworths at Fishermans Bend, Marvel Stadium and the bustling South Wharf retail and dining provide immediate amenities for existing and future residents.

Robert Papaleo, National Director BTR, commented, “Waterfront Tower will allow an astute investor to secure a high-quality residential asset in a key precinct of Central Melbourne at a time when vacancies are already at record lows and strong rental growth will continue due to the upcoming peak of new housing demand and unprecedented challenges for new housing supply to be delivered.”

“Waterfront Tower will represent a landmark BTR opportunity to provide an exciting residential offering to the deep pool of professionals attracted to Docklands for its access to high-income jobs and unique waterfront lifestyle,” Mr Papaleo added.

Colliers are now engaging with prospective partners to bring the latest BTR project to life via an Expressions of Interest process closing Tuesday, 5 September, at 2 pm (AEST). Under the preferred deal structure, expecting pricing is in the order of $250 million plus.