Assemble has announced that its parent company, Make Ventures, has acquired the former site of a Toyota dealership in Preston, Victoria, which will be transformed into a 500-unit build-to-rent precinct.
Purchasing the site from McMillan Property Group for $40 million, the developer also intends to create 5,000 sqm of commercial space within the precinct. Located at 687-717 High St, 19 Regent St and 58-60 William St, the site is the second site purchased by Make and developed by Assemble in Preston, with the first being a 459- dwelling development in St Georges Rd.
Assemble Managing Director, Kris Daff, says the site, located at the northern edge of the Preston-High Street Major Activity Centre, is in a prime location and 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,” he says.
“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 Victoria'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.”
The property will remain under a long-term lease agreement with Eagers Automotive, with settlement anticipated for late 2024. The acquisition boosts Assemble’s $3 billion social and affordable rental housing portfolio, which includes a pipeline of over 5,000 dwellings.
Image: Assemble's future BTR development in Kensington, Victoria, which recently received approval.
