Wesfarmers Limited today announced it has agreed to enter a 50:50 incorporated joint venture with Built Group (Built) to establish Built Living, a new Australian business dedicated to delivering residential apartments at scale through advanced manufacturing.
Wesfarmers will initially commit up to $100 million of equity to the joint venture to fund the development of Australia’s first advanced manufacturing facility dedicated to medium and high-rise residential precast concrete construction and development.
Built Living will use Design for Manufacture and Assembly (DfMA) methods established in international markets, aiming to deliver apartments at about 20 per cent lower cost and 50 per cent faster than traditional construction. The facility to be established in Western Australia is expected to support delivery of more than 2,000 apartments annually once completed, with construction to commence in the second half of 2026. Wesfarmers’ commitment will be staged, with additional facilities in other states to be considered.
“Australia urgently needs more housing, and the Built Living joint venture is well positioned to address that need using internationally-proven construction models, to deliver high quality properties,” said Wesfarmers Managing Director Rob Scott. “Built brings world-class construction experience, sophisticated digital processes and a strong track record of quality developments, while Wesfarmers contributes investment capacity and demonstrated capabilities in advanced manufacturing and supply chain management.
“We look forward to working closely with Built and the Western Australian Government on what is a shared challenge. Addressing Australia’s housing shortage will take real collaboration across industry and government, and we are pleased to be in a partnership that can help make a meaningful difference.”
Marco Rossi, Executive Chairman, Built said, “We spent almost two years searching globally for solutions that genuinely work. Across the world’s leading apartment markets, offsite manufacturing of high-quality construction elements is delivered at scale. Built Living brings this best practice to Australia, strengthened by Built’s AI-enabled digital product capability. Western Australia is the ideal launch point for our national platform.”
Government support
The Western Australian Government is supporting the establishment of Built Living through a long-term lease of land in the Neerabup Automation and Robotics Precinct in Western Australia, together with direct support for the development of the facility. A portion of the facility’s annual capacity will be reserved for government-backed housing projects and the state’s social infrastructure pipeline.
Structure and next steps
Built Living will operate as a standalone company with its own board and management team. Wesfarmers and Built will have equal Board representation once Wesfarmers has fully deployed its initial $100 million commitment.
The establishment of Built Living is expected to create growth opportunities over time for Wesfarmers’ existing businesses, including through supply arrangements with Bunnings’ trade business on arm’s length, commercially competitive terms.
The establishment and implementation of the joint venture is subject to execution of binding documentation, obtaining any necessary approvals and the finalisation of funding arrangements with the Western Australian Government and other lenders. The investment is not expected to have a material impact on Wesfarmers’ earnings in the current financial year.
For more information:
Media
Rebecca Keenan
Media and Public Affairs Manager
+61 8 9327 4423 or +61 402 087 055
RKeenan@wesfarmers.com.au
Investors
Michelle Hepworth
Head of Investor Relations
+61 8 9327 4438 or +61 437 201 150
Mhepworth@wesfarmers.com.au