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We are set to expand our Build to Rent portfolio with our parent company Make Ventures (MAKE) acquiring the current Preston Toyota site for $40 million from McMillan Property Group.
Situated on 1.6ha, the landholding comprises 687-717 High St, 19 Regent St and 58-60 William St, Preston. It will be transformed into a significant mixed-use precinct with some 500 units dedicated to Build to Rent, and 5,000sqm of commercial space proposed for the scheme.
This is the second site acquired by MAKE and to be developed by Assemble in Preston, with a 459-dwelling development in St Georges Rd; and future neighbouring inner-north projects to be delivered at Sydney Rd, Coburg and 4 Ballarat St, Brunswick.
Our Managing Director, Kris Daff said this premier site located at the northern edge of the Preston-High Street Major Activity Centre presents a significant opportunity for the area.
“Our latest acquisition in Preston meets the key needs for the growing Victorian population with its prime position in Melbourne’s inner-north location.”
“The future community will enjoy access to key health, education and employment areas, while being surrounded by established quality high-streets and transport nodes including the future Suburban Rail Loop Reservoir station.”
“With three existing developments in Victorian’s inner-city northern corridor alone, this acquisition paves the way for the business to grow our affordable housing offering. This is a strategic investment, part of our long-term warehousing strategy,” said Mr Daff.
The property will remain under a long-term lease agreement with Eagers Automotive, with settlement anticipated for late 2024.
The acquisition by MAKE will bolster Assemble’s significant $3 billion privately funded social and affordable rental housing portfolio which includes an existing pipeline with 5,000 dwellings.