Japanese trading giant Marubeni Corporation has partnered with Sydney-based investment house AsheMorgan on a $600 million build-to-rent (BTR) project in Melbourne’s Docklands, marking Marubeni’s first entry into Australia’s growing BTR market.
As reported in The Australian Financial Review, the project, known as District Living, will deliver over 900 apartments across two buildings, with a mix of studios, one-, two-, and three-bedroom residences as well as dual-level apartments. Stage one construction will begin next month, comprising 626 apartments, with Kapitol appointed as the builder.
The collaboration brings together a powerhouse consortium of Japanese firms, including Haseko Corporation and Mizuho Leasing, and underscores Japan’s rising interest in Australia’s real estate sector. In recent years, Japanese capital has been increasingly active, with investors such as JR West Real Estate & Development, Sotetsu Real Estate, and Mitsubishi Estate Asia taking stakes in major projects across Sydney and the Gold Coast.
AsheMorgan’s partnership with these Japanese investors represents a milestone not only for the project but also for the wider BTR landscape in Australia. The group aims to create a thriving rental community that elevates the standard for amenity, design, and long-term living in Melbourne.
Situated on a one-hectare site at 24 Little Docklands Drive, the development will rise beside AsheMorgan’s established District Docklands precinct. Stage one will also deliver a comprehensive wellness centre, complete with a gym, plunge pool, sauna, steam room, and sky terrace, alongside 1,400 sqm of landscaped outdoor space and ground-floor retail.
District Living adds to a growing cluster of build-to-rent developments transforming the Docklands skyline, joining Investa’s 434-unit Indi Southbank, Mirvac’s 474-unit LIV Aston, and Lendlease’s $500 million West Tower at Melbourne Quarter, completed earlier this year.
For Marubeni, the investment marks an important diversification move. The conglomerate, historically focused on Australia’s resource sector with stakes in Gina Rinehart’s Roy Hill iron ore mine and the Portland Aluminium Smelter, is now extending its reach into urban housing and long-term rental solutions.
The project also reflects a broader trend shaping Australia’s property investment landscape, one that’s seeing foreign capital pivot from commercial assets to housing-led developments, particularly within the BTR sector.
As Australia faces ongoing rental housing pressures, District Living is set to play a role in delivering much-needed apartment supply, while demonstrating how global partnerships are reshaping the future of residential living across the country.
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