Partner were engaged by Mirvac in 2019 to originate a flagship build to rent project for their new build to rent enterprise, known as Liv by Mirvac. Partner approached PDG on behalf of Mirvac before proposing and negotiating Victoria’s first build to rent forward fund transaction. Partner’s role included initial feasibility study, design management, business case development, term sheet negotiation and resolution of legal documentation.
The process involved a complex planning amendment in order to realise a suitable build to rent scheme in place of the existing permit, resulting in a permit for a 39-level tower with 490 residential Build to Rent units and a City of Melbourne carpark underneath. PDG will remain as developer taking delivery and cost-overrun risk with Mirvac 100% financing and owning the asset on completion.