First home buyers to flock to Assemble's newest rent to buy apartment development in Brunswick
The affordability and sustainability conscious developer Assemble are set to launch its latest rent-with-the-option-to-buy apartment development in Melbourne's Brunswick next month.
The current factory site at 4 Ballarat Street, Brunswick will be converted by architecture firm Fieldwork to home 171 studio, one, two and three bedroom apartments.
It will be the third rent-with-the-option-to-buy project following 393 Macaulay Rd in Kensington, currently under construction with residents moving in later this year, and 15 Thompson St, also in Kensington, which is now being demolished in preparation for construction.
How does rent to buy work?
The new rent-with-the-option-to-buy model offers a more accessible pathway to owning a home, that bridges the gap between renting and buying. Once the applicant signs the lease agreement and contract of sale, they secure five years agreed rent with the option to buy their home at the end of the lease period.
Assemble managing director Kris Daff said the Assemble Futures housing concept is popular for Melbourne’s first home buyers, with moderate incomes starting from $60,000, and renters alike seeking secure, long-term housing.
“We are witnessing the strongest growth in property values in our history, rising at their fastest rate in almost two decades, and as a result, we have reached a crisis point in housing affordability," Daff says.
"Our housing concept, Assemble Futures, takes the volatility out of the market and provides absolute price certainty for our clients over the term of the lease and the end purchase price.”
“This latest project provides those with a moderate annual income an opportunity to save for a home deposit, know they have the security of tenure and live in the heart of the Brunswick community in a quality designed apartment,” said Mr Daff.
About the development
The built form takes inspiration from the Brunswick streetscape, with Fieldwork’s design integrating raw materials such as corrugated iron, blue stone paving and concrete to create a timeless ribbed-textured ‘patina’ exterior.
The ground level features a multi-purpose workshop and lending library to share household items with others. There will also be a communal rooftop room with bookable studio space, as well as a barbecue area, veggie patch, a designated dog park and wash area.
The landscaping by landscape architecture team Rush Wright will include tropical plants that run from the ground floor to look up unto the building's open atrium space.
The project will run on 100% renewable energy (natural gas free), with a minimum 7.5-star average NatHERS rating target. An onsite bio-composter that employs a closed loop system will manage organic waste and convert this to fertilizer for the gardens, with stormwater recycled and used for toilets and landscape watering.
Provisioning will be made for future electric vehicle charging facilities. There will also be parking for more than 200 bikes.
Apartments will be released by Assemble’s Relationships team from May 15 across three stages. Construction is commencing from late 2021 and expected to be complete by early 2023.
About Assemble Communities
Formed in 2010, Assemble Communities is a developer and community management company on a mission to make thoughtfully designed sustainable homes more accessible to more people.
With a deep respect for people and place, Assemble aim to create communities that embrace diversity, reflect local culture and nurture a stronger sense of ownership and belonging.
They focus on delivering affordable housing options under their Assemble Futures model and build to rent projects. Assemble have a privately funded rental housing portfolio valued at $3 billion, with 5,000 dwellings across 10 sites.