WeAreLiving Preston offers 285 studio, one-, two- and three-bedroom apartments as well as seven two- and three-bedroom townhouses, providing new housing choices at a time when a diversity of supply is critically important.

The development is part of a pipeline of more than 2000 build-to-rent homes across NSW, Queensland, the ACT and Victoria being delivered under the WeAreLiving brand, a partnership between one of Australia’s largest superfunds, Aware Super, and Barings.

Designed by Rothelowman architects and built by Kapitol, WeAreLiving Preston features a 24-hour gym, sauna, steamroom and cold plunge, dog wash and dog run, rooftop terrace with barbecues, co-working space, meeting rooms, lounge with fireplace and TV, and 269 car spots include spaces for electric vehicles. The 7-star NatHERS rated all-electric building has an embedded energy network and double glazing to all windows.

Rents range from $545pw for a studio to $1390pw for a three-bedroom townhouse, with strong demand across all unit types. Seventy-five of the units are fully furnished, with all residences also coming with fridge, washer/dryer and private balcony or terrace.

WeAreLiving Preston benefits from the Victorian Government’s 50% land tax concession for new build-to-rent dets, in line with Government’s multi-faceted housing supply solution.

Planning Minister Sonya Kilkenny saidVictoria is proudly the build-to-rent capital of the country, with thousands of new apartments delivered last year and more on the way because we’ve backed this model from the start.”

“This development is exactly the kind of project we want to see more of - creating more homes and more housing choice for Victorians.”

Warwick Dowler, Head of Residential for Barings Real Estate Australia, said the Preston project embodies the quality, lifestyle and convenience of the WeAreLiving vision.

“This development exemplifies what Barings and Aware Super are creating with the WeAreLiving brand — apartments which provide a really high quality of living via everything from finishes and fixtures to the exclusive resident facilities, in places people want to live,” he said.

“It brings significant new supply to a popular cosmopolitan area, representing the possibilities of well-located build-to-rent developments to contribute in a meaningful way to the shared housing supply challenge.”

Alex Misev, Head of Property at Aware Super, said build‑to‑rent not only delivered long‑term, stable returns for the superfund’s 1.2 million members but plays a critical role in addressing Australia’s housing supply challenge.

“Build‑to‑rent allows us to invest with a long‑term lens to deliver secure, high‑quality rental homes in locations where Australians want to live, while generating sustainable returns for our members,” he said.

“Through WeAreLiving, we’re bringing more professionally‑managed rental housing to the market at a time of acute demand. It’s a model that aligns with our purpose as a profit‑for‑member super fund and reflects our focus on strong investment outcomes.”

Andrew Deveson, Co-Founder and Director of Kapitol said the opening marks the point where years of deliberate thinking becomes a building people will call home.

“Melbourne needs more rental housing and it needs it delivered without compromise. Speed and quality are not in conflict if the work is done properly at the front end,” he said.

“The brick snap facade eliminated scaffolding entirely, the alternate roof structure and materials programme were rethought from first principles, and prefabrication was applied where it genuinely moved the needle. Together, these strategies drove significant time and cost efficiencies, and will inform how we approach our growing build-to-rent pipeline.”

The WeAreLiving brand is focused on the delivery of high-quality, multi-amenity apartment projects with competitive rents, close to public transport, employment and educational opportunities.

Located on the corner of Plenty Street and High Street – dubbed the “Coolest Street in the World” by Time Out in 2024 – WeAreLiving Preston residents will enjoy easy access to the nearby Thornbury and Bell railway stations, along with the number 86 tram route running between Bundoora and Docklands via the CBD.

Melbourne will also soon benefit from WeAreLiving Queens, a build-to-rent project opposite Albert Park, which will include 433 apartments and is close to completion.

About Barings
Barings is a $481+ billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.

*As of December 31, 2025

About Aware Super
Aware Super is one of Australia’s top-performing and largest profit-for-member super funds with a core objective of delivering the strongest risk-adjusted returns for its 1.2 million members.  Our Australia and London-based investment teams currently originate and manage A$200 billion AUM on behalf of our members.  As one of the top 50 institutional investors globally, we typically take an active management approach across alternative assets, including infrastructure, real estate and private equity, and additionally allocate to liquid markets.  Returns for Aware Super’s A$12 billion property portfolio are driven b a global-diversified program which focuses on living industrial, office upgrades, life sciences and cold storage.

About Kapitol
Founded in 2018, Kapitol is one of Australia's fastest-growing construction companies. Led by co-founders Dave Caputo and Andrew Deveson, Kapitol currently has a workbook of $1.7 billion and a pipeline in excess of $4 billion. Its clients span commercial, education, industrial and residential sectors, including ASX 100 and Fortune 100 companies. With a focus on innovation, Kapitol is one of APAC's largest data centre builders, with over $1.2 billion and >185 megawatts in projects delivered to date. Kapitol's rapid growth has been substantiated by its focus on improving the construction industry and embracing technology, coupled with its commitment to excellence. For more information, please visit: https://www.kapitol.com/.

Media enquiries
Helen Sanderson
Director, Marketing
E: helen.sanderson@barings.com
Ph: (+61) 477 350 448

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