RESIDENTIAL PROPERTY

Overwhelming interest in build to rent to own project

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CONSTRUCTION is beginning on Assemble’s $60 million “build to rent to own” pilot project in Melbourne’s Kensington, which received over 3,200 registrations of interest for its 73 apartments.

At the 393 Macaulay Rd project, residents will sign a five-year lease over an apartment and have the option purchased the home at the end of the term.

A number of apartments set aside for workers such as nurses and educators will be allocated in the coming months, and residents are expected to move in, in late 2020 or early 2021.

City of Melbourne Councillor Beverley Pinder she was “encouraged by refined proposals” such as the model.

“What this team proposes is housing stability for those on moderate incomes. We welcome this energized activity in the housing sector.”

The project has received financing from the ANZ, which also financed the country’s first large scale built to rent project at the former Commonwealth Games athletes’ village on the Gold Coast.

Assemble is planning a new project at 15 Thompson St in the suburb, and others in Melbourne’s south east, with a pipeline of over 700 homes and the aim of managing a portfolio of over 5,000 dwellings.

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