The Australian property developer, owner and manager is seeing the benefit of its foray into Build to Rent (BTR).

Its inaugural BTR – LIV Indigo in Sydney’s Olympic Park – has 96% occupancy in its 315 one-, two- and three-bedroom apartments, the Sydney-based business reported in its 3Q23 Operational and Business Update. LIV Indigo had 80% occupancy in May last year.

When LIV Indigo was 80% full, 10.3% of occupants were aged 50 and beyond – a figure which should make all retirement operators stop and think.

LIV Indigo officially opened in August 2020 and is achieving a 7.4% net effective rental growth.

LIV Munro, on the northern edge of the Melbourne CBD, officially opened its 490 apartments in December last year and has seen its occupancy rise to 54% (1H23 32%).

In addition, Mirvac is constructing LIV Anura in Brisbane (396 apartments) and LIV Aston in Melbourne (474 apartments). LIV Albert Fields in Melbourne (498 apartments) has been given planning approval.

Rents at LIV Indigo are roughly 30% above the suburb median but its extra services, longer leases, and an onsite resident services ambassador sets it apart from other BTR projects. LIV Indigo has its own cinema, kids indoor playroom, shared barbecue areas, commercial kitchens, bicycle share, co-working spaces, and garden areas.