Assemble Communities secures approval of Kensington apartment project
The innovative Melbourne property developer, Assemble Communities, whose unique pathway to home ownership has already helped thousands get on the property ladder, has secured planning approval for its 199-apartment Build to Rent to Own development, 15 Thompson Street in Kensington.
Australian superannuation fund, AustralianSuper, will invest in the project, providing a pathway to home ownership for moderate-income buyers.
The super company 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.
Assemble Managing Director, Kris Daff said the support by the government, planning authorities and its cornerstone investor demonstrates confidence in offering Australian’s diverse affordable housing choices.
“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 Daff.
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.
Hacer Group Director General Manager, Mark Lewis spoke on the significance of the milestone and the impact it has on 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” he said.
Assemble has several Build to Rent to Own projects underway with 393 Macaulay Road, Kensington scheduled for completion by May this year and 4 Ballarat Street, Brunswick to commence construction as soon as a planning permit is secured.
The developer also acquired the site at 402 Macaulay Road, Kensington in early 2021 which will be transformed into a 370-apartment Build to Rent community.