Build to rent developer, Assemble, continues to transform the Kensington community with its parent company Make Ventures (MAKE) acquiring a third site in Melbourne’s inner-city suburb, which will be developed into a mixed-income Build to Rent (BTR) community.
Located at 402 Macaulay Rd, Kensington, the 7,415 square metre former confectionary site, currently used as a distribution centre, was recently acquired by MAKE for $30 million.
Assemble will transform the site into a new community featuring over 400 affordable rental dwellings. Some 20 per cent of the apartments will be dedicated to social housing, delivered in partnership with a community housing provider.
Managing Director of MAKE, Kris Daff, said the new site – its third apartment development in the Kensington community – is set to boost the local economy with some 2,200 construction jobs created across the three Kensington developments.
“This latest acquisition in Kensington meets key criteria for institutional investors with a focus on assets that offer scale and access to inner-city locations within key employment areas, heavy rail access and high-quality existing high streets,” Mr Daff commented.
A planning application is currently being prepared by Kerstin Thompson Architects and Hayball. The project will span four buildings, with Assemble committing one of the buildings to Cross Laminated Timber construction, as it continues to focus on reduction in embodied carbon across its projects.
Assemble’s other key developments in Kensington include 393 Macaulay Rd which is currently under construction and 15 Thompson St which is currently being demolished in preparation for construction.
Both existing projects are being delivered under the developer’s innovative Assemble Futures housing model, also known as ‘rent-with-the-option-to-buy’, whereas the latest acquisition will offer dwellings that are exclusively available for rent.
Construction of the new Macaulay Road site is anticipated to commence in 2022.