CONSTRUCTION is underway on HESTA and Super Housing Partnerships’ build-to-rent apartment project in Melbourne’s inner north-west suburb of Kensington.
The 402 Macaulay Road project will deliver 365 mixed-tenure swellings including affordable, social, market-rate, and specialist disability housing, within 4km of the CBD and within close proximity of critical public transport links and near Melbourne’s major hospitals.
HESTA, a $74 billion industry find, has committed more than $100 million to the development.
“Breaking ground on our inaugural build-to-rent project is a moment of great pride for HESTA and our partners. HESTA has more than 1 million members primarily working in the care economy,” said Debby Blakey, CEO at HESTA.
“More than 80 per cent of members are women – they will be statistically overrepresented in every one of the dire housing affordability statistics.”
“This milestone propels us closer to realising our vision for how we as a long-term responsible investor can create strong, stable returns for our members by meeting Australia’s huge need for affordable and secure housing.”
HESTA has also previously indicated that it plans invest around $240 million in a range of Super Housing Partnerships build-to-rent apartment projects.
Super Housing Partnerships provides institutional investors with access to equity investment in new BTR housing projects, with a focus on social and affordable housing.
With all Super Housing Partnerships projects, including 402 Macauley Road, committed to achieving net-zero operational carbon emissions from the outset.
“As we break ground on this transformative build-to-rent housing project, we take a major step forward in reshaping the future of housing in Australia, providing secure and affordable homes for those who need it most, through an investment structure that is designed to achieve scale,” said Carolyn Viney, CEO at Super Housing Partnerships.
“In partnership with HESTA, Assemble, and Housing Choices Australia, Super Housing Partnerships is proud to be at the forefront of addressing Australia’s housing affordability crisis.”
Assemble Communities secured a planning approval for the development in February 2022, with the confectionary factory in Kensington announced as the development site in 2021 following a $30 million deal.
“Housing Choices Australia, with our partners Assemble and Super Housing Partnerships, are excited to be a part of this innovative funding model that will deliver a mixed tenure project addressing needs across the housing spectrum, from social and affordable, through to market housing,” said David Fisher, CEO at Housing Choices Australia.
“We look forward to welcoming Housing Choices residents into the 20 per cent of this development dedicated to social housing and building a successful, integrated community on this brilliantly located site.”
