JAPANESE
JAPANESE
Japan Real Estate Insights by estie
Japan Real Estate Insights by estie
Japan Real Estate Insights by estie
/
Multifamily
/

Kanden Realty & Development Joins West Melbourne BTR Project

MultifamilyOverseas

Kanden Realty & Development Joins West Melbourne BTR Project

Kanden Realty & Development Joins West Melbourne BTR Project

On July 24, Kanden Realty & Development Co., Ltd. (KRD) announced its participation, through its Australian subsidiary, in the development of the build-to-rent (BTR) project tentatively named “West Melbourne BTR,” located on the western edge of Melbourne’s CBD. This marks KRD’s second BTR project in Australia, following its Brisbane project that broke ground in October 2024. It is also the company’s first BTR project partnered exclusively with non-Japanese entities, teaming up with BTR specialist Novus Holdings.

The site offers strong public transport access, situated approximately a 10-minute walk from both Southern Cross and Flagstaff stations and a four-minute walk to the nearest tram stop. The plan incorporates the preservation and adaptive reuse of a heritage-listed former bakery factory. The building will rise 20 stories above ground with two basement levels, delivering 190 rental units across a gross floor area of approximately 12,732㎡ (approx. 137,050 sq. ft.). Construction is scheduled to start in October 2025, with completion targeted for November 2027.

The project features all-electric systems combined with a 40 kW solar power installation, aiming to achieve NatHERS 7 Star and Green Star 5 Star ratings, positioning it as a near net-zero carbon development. Melbourne is facing a mounting housing shortage driven by population growth, and the BTR sector is expected to expand as a source of stable long-term income.

KRD entered the Australian market in FY2018 and established its local subsidiary, Kanden Realty & Development Australia Pty Ltd, in 2021. The company began operations with the 208-lot residential subdivision “Rouse Hill Heights” in suburban Sydney (2022), invested in a logistics fund in 2023, and launched a 475-unit BTR project in Brisbane in 2024, expanding its Australian assets to approximately JPY 13 billion.

Key Facts

  • Project Name: (Tentative) West Melbourne BTR

  • Developers: Kanden Realty & Development Australia Pty Ltd / Novus Holdings

  • Location: 405-421 Spencer Street, West Melbourne, Victoria, Australia

  • Nearest Station: Approx. 10-min walk to Southern Cross Station; approx. 4-min walk to tram stop

  • Number of Floors: 20F / B2

  • Total Units: 190 units

  • Gross Floor Area: 12,732㎡ (approx. 137,050 sq. ft.)

  • Construction Start: Scheduled for mid-October 2025

  • Completion: Scheduled for November 2027

Related Articles