The National Reconstruction Fund Corporation (NRFC) is investing $120 million of debt in Built Living to help provide new apartment homes for thousands of Australians. 

Built Living is a 50:50 joint venture between Australian-owned contractor and property group Built and Wesfarmers Limited, established earlier this year to deliver residential apartments at scale through advanced manufacturing techniques. 

Built Living uses an integrated development model and Design for Manufacture and Assembly (DfMA) methods to produce high-quality, modular, and precast concrete components for mid-to-high-rise apartments. It brings advanced manufacturing long proven in leading global markets to Australia and expects to deliver apartments up to 20 per cent cheaper and up to 50 per cent faster than traditional construction.

NRFC CEO David Gall said, “Australia's urgent need to increase the supply of new homes is well documented and housing is a government priority. Our investment in Built Living strengthens the construction industry’s advanced manufacturing capabilities while providing a model for how affordable housing can be built at scale.”

“NRFC investment in Built Living will help to transform the construction industry from a fragmented, site-based production model into a scalable, consistent, manufacturing-based production model. By introducing digitisation and automation into the apartment construction process, NRFC investment will help to lower costs, shorten delivery timelines, reduce emissions, and improve construction efficiency, ensuring that apartments can be built more quickly to meet the country’s pressing housing needs.”   

NRFC funding will be used to establish a pilot advanced manufacturing facility for housing construction in Neerabup, Western Australia which will have the capacity to produce more than 2,000 apartments per year, with construction set to commence in the second half of 2026. 

Built Living’s Neerabup advanced manufacturing facility is expected to create approximately 150 jobs during construction and around 150 ongoing roles once operational (including direct and indirect employment). NRFC investment will also support workers to upskill in areas such as advanced manufacturing, robotics and automation, creating new career pathways in construction.

Built Living CEO Dale Connor said, “Investing in modern methods of construction is a practical way to address Australia's housing challenge. This investment from the NRFC is a strong vote of confidence in Built Living's vision to transform the residential construction supply chain and reshape how housing is delivered."

“By bringing together government support, industry expertise and private investment, Built Living can deliver high-quality homes at scale while creating local skilled manufacturing jobs and strengthening Australia's construction capability.”

Wesfarmers announced its $100 million equity investment in the Built Living venture in May of this year, and Built Living has secured West Australian Government support to establish this advanced housing manufacturing facility. 

The West Australian Government is providing land as well as a $20 million grant in support of this pilot project and the NRFC’s initial investment is expected to facilitate broader private sector investment in Built Living’s housing manufacturing model. Property developer Adrian Fini has also taken a direct equity interest in the facility.

The NRFC’s investment is subject to conditions customary for a transaction of this nature.

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About the National Reconstruction Fund Corporation (NRFC)

The NRFC is Australia’s sovereign investor in manufacturing capability. It has $15 billion to invest through direct loans, equity investments and loan guarantees across seven priority areas: renewables and low emissions technologies; enabling capabilities; defence capability; transport; value-add in resources; value-add in agriculture, forestry and fisheries; and medical science. 

The NRFC’s role is to invest in Australian businesses and projects that design, refine and make to transform capability, grow jobs and a skilled workforce, and diversify our economy. The NRFC is a corporate Commonwealth entity, established by the National Reconstruction Fund Corporation Act 2023 (NRFC Act) in September 2023.

For more information, visit nrf.gov.au.

NRFC media contact: media@nrf.gov.au 

About Built

Built is a national contractor and property developer, delivering certainty at scale to take Australia forward. With $3bn+ in annual revenue and $7.5bn of work in hand, Built is a 100% Australian owned, digital-first business, committed to leading the industry in new ways. To find out more visit www.built.com.au(Opens in a new tab/window) 

Built Living media contact: ashchrysler@built.com.au 

About Wesfarmers 

From its origins in 1914 as a Western Australian farmers' cooperative, Wesfarmers has grown into one of Australia's largest listed companies. With headquarters in Perth, Wesfarmers' diverse businesses today span: home improvement, outdoor living products and supply of building materials; general merchandise and apparel; office and technology products; retailing and provision of health, beauty and wellness products and services; management of a retail subscription program and shared data asset; wholesale distribution of pharmaceutical goods; manufacturing and distribution of chemicals and fertilisers; gas processing; natural gas retailing; participation in an integrated lithium joint venture, including operation of a mine and concentrator, and development of a refinery; industrial and safety product distribution; and management of the Group's investments.

Wesfarmers is one of Australia's largest private sector employers with more than 118,000 team members and is owned by more than 480,000 shareholders.

To find out more visit www.wesfarmers.com.au(Opens in a new tab/window)