17.03.2022Assemble Communities secure approval of Kensington Project
Committee member and innovative build to rent property developer, Assemble Communities, has secured planning approval of its 199-apartment Build to Rent to Own development at 15 Thompson Street, Kensington.
Australia’s largest superannuation fund, AustralianSuper, will invest in the project that provides a pathway to home ownership for moderate-income buyers. AustralianSuper 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.
Assemble Managing Director, Kris Daff said the support by the government, planning authorities and its cornerstone investor demonstrates confidence in offering Australians diverse affordable housing choices.
“We are encouraged by the planning endorsement of our second Kensington project which will provide quality homes that are more financially accessible to more people. 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 Mr Daff.
Demolition is now complete at the site and construction is scheduled to commence by April this year.
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 402 Macaulay Road, Kensington in early 2021 which will be transformed into a 370-apartment Build to Rent community.
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