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And “key workers” such as nurses and teachers will be given first dibs.
Property developer Assemble will build an eight-storey apartment building at the site of a former cassette tape factory at 393 Macaulay Rd.
It also has plans for a mixed-use development at 15 Thompson St.
Both projects will allow occupants to rent an apartment before buying.
Assemble also has plans for homes in Melbourne’s southeast.
Under the model, residents sign onto a five-year lease and have the right to acquire the property at an agreed valuation when it ends.
The project is an alternative housing model designed to bridge the gap between renting and owning.
More than 3200 people have registered interest in the Macaulay Rd complex and there’s now a waiting list.
A number of apartments at the site will be set aside for “key workers” such as nurses and educators in the next few months.
Cr Pinder said the Assemble model would help address the challenge of affordable housing.
“”What this team proposes is housing stability for those on moderate incomes.”
Mr Daff said he had been overwhelmed by the amount of interest in the project.
“(This) reinforces our belief in creating alternative pathways to home ownership”
The complex will retain and restore the facade of the original heritage building, designed by Art Deco architect Harry A. Norris.
Find out more about 15 Thompson St, Kensington here.