Assemble Communities has announced it has received planning approval for a $190 million 199-apartment build-to-rent (BTR) development to be constructed in Kensington, Victoria.
The project has been invested in by AustralianSuper, who purchased a 25 percent stake of Assemble in 2020. The superfund is able to invest in Assemble’s future projects that encourage home ownership through the developer’s innovative Assemble Futures or the BTR housing model.
The tower has been designed by Hayball, with Oculus taking care of the landscape architecture. Assemble Managing Director, Kris Daff, says the developer has looked to provide a pathway to homeownership for moderate-income buyers.
“We are encouraged by the planning endorsement (from government and planning authorities) of our second Kensington project which will provide quality homes that are more financially accessible to more people, ” he says.
“Kensington is a highly prized inner-city location, and this approval unlocks access to design-driven, sustainable and community-oriented apartment living for Melbournians.”
AustralianSuper’s Head of Property, Bevan Towning, says the fund is proud to invest into Assemble’s unique housing model and key developments.
“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,” he says.
Hacer Group has been awarded the contract to deliver the project, with demolition of the existing building at 15 Thompson Street now complete. Construction is due to begin in April this year.
Assemble currently has a pipeline of 5,000 dwellings worth $1 billion to Victoria’s economy, and will create approximately 8,000 construction jobs.
“Today marks a significant milestone in the future of affordable housing. We are eager to break ground on this project and bring the Assemble vision to life by giving more people the chance to live sustainably,” says Hacer Group Director General Manager, Mark Lewis.
“Working in partnership with key stakeholders, we look forward to delivering a quality project that can be enjoyed for generations to come.”
Image: Supplied
