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We’re excited to announce that we have secured planning approval of our 199-apartment Build to Rent to Own development, 15 Thompson St, Kensington with construction firm Hacer awarded the contract to deliver the project.
Australia’s largest superannuation fund, AustralianSuper, will invest in the project that provides a pathway to home ownership for moderate-income buyers.
AustralianSuper purchased a 25 per cent share in Assemble Communities in June 2020 and has an option to invest in Assemble’s future pipeline of projects that encourage home ownership through the developer’s innovative Assemble Futures (or Build to Rent to Own) housing model.
Construction firm, Hacer Group has been awarded the contract to deliver the Kensington project valued at $190m, designed by Hayball with landscaping by Oculus.
Our Managing Director, Kris Daff said the support by the government, planning authorities and its cornerstone investor demonstrates confidence in offering Australians diverse affordable housing choices.
“We are encouraged by the planning endorsement of our second Kensington project which will provide quality homes that are more financially accessible to more people.”
“Kensington is a highly prized inner-city location, and this approval unlocks access to design-driven, sustainable and community-oriented apartment living for Melbournians,” said Mr Daff.
AustralianSuper’s Head of Property, Bevan Towning, said the fund is proud to invest into Assemble’s unique housing model and key developments that promotes the value of homeownership.
“AustralianSuper is pleased to be able to invest in projects that deliver positive long-term returns to members while also funding an innovative solution to help address housing affordability in urban locations,” said Mr Towning.
Demolition is now complete at 15 Thompson St, Kensington and construction is scheduled to commence by April this year.
The approval cements Assemble as an impact-focused Australian housing development business which holds a significant $3 billion privately funded social and affordable rental housing portfolio—the largest of its kind in Australia.
Its existing pipeline with 5,000 dwellings will inject $1 billion of construction activity into Victoria’s economy alone and create 8,000 construction jobs.
We have several Build to Rent to Own projects underway with 393 Macaulay Rd, Kensington scheduled for completion by May this year, and 4 Ballarat St, Brunswick to commence construction as soon as a planning permit is secured.
We have also acquired 402 Macaulay Rd, Kensington in early 2021 which will be transformed into a 370-apartment Build to Rent community