Property developer Samma Property Group and innovative investment firm, Brightlight announce that Samma has acquired a rare and expansive standalone site in Melbourne’s Docklands along the Yarra’s edge. Purchased from Lukas Byrns and Marcus Neill from global commercial real estate services firm Cushman & Wakefield, the acquisition further expands the partnerships plans for a measurable social impact.
Located at 194 Lorimer Street, the prime Docklands site will see the partnership expand its city-wide footprint, with plans for a mixed-use development under the new ‘Designed to Rent’ model – said to be the first of its kind in Australia.
The new 4,509 sqm site comes with an existing approved Precinct Development Plan for a 90m residential tower (tower subject to planning approval), which would provide river frontage and stunning views towards Melbourne’s CBD, down the Yarra River and back towards Port Phillip Bay. It will also be in walking distance to Melbourne’s famed world class amenity including Marvel Stadium, Melbourne Exhibition and Convention Centre and vibrant Southbank.
Brightlight’s Managing Director said the partnership offers a private sector solution to the housing issue, between providing initial access to housing and encouraging long term, stable tenancies.
“Brightlight and Samma together offer a Build to Rent platform that creates a unique alignment between an Australian community need for intentionally-designed, well-located, longer-tenancy housing and the need for investors to hold long term, yield-oriented defensive assets.”
Samuel Richards, Managing Director, Brightlight
The proposed development will benefit from $85bn of infrastructure projects – either recently completed or committed within the immediate vicinity, including Australia’s largest urban renewal project, Fishermans Bend, covering approximately 480 hectares in the heart of Melbourne.
Aimed at millennials aged 25-45 years, the Build to Rent – referred to as Designed to Rent – homes will offer a luxurious yet affordable inner-city lifestyle with impressive environmental credentials. The builds will boast a 7-star NatHERS rating and 5-star Green Star certification. The impact-driven design includes amenities, an on-site management team available to serve and support residents, and an ongoing activity program aimed to foster connection and improve mental health and wellbeing.
Samma Property Group’s Director said the new site presents an exciting opportunity for the partnership to deepen its social impact as part of the new investment platform.
“With such close proximity to world-class amenities, the Designed to Rent model proposed for Lorimer Street affords a fantastic lifestyle opportunity. Location, coupled with our commitment to incorporating integral design features that promote community connection, high quality built outcomes and environmental standards, will provide a luxurious yet affordable offering not yet seen before in Australia.”
Simon Abdelmalak, Director, Samma Property Group
On an ongoing basis, Samma and Brightlight will measure impact and wellbeing, by assessing community connections, certifications against environmental standards, and the health and wellbeing of tenants. Beneficiary outcomes will be measured by independently surveying residents to arrive at the wellbeing improvements the project is aiming to achieve.
Group Head at Development Victoria has congratulated Samma Property Group on their vision for the site in Docklands.
“This is another significant commitment in Docklands by a leading developer and we welcome the Samma Property Group to the precinct. The delivery of a high-quality Build to Rent development at Yarra’s Edge in Docklands is a positive indication of ongoing confidence in the property market in Melbourne and Docklands. Build to Rent is becoming more appealing across the Victorian market and it is encouraging to see Docklands as being sought out for this kind of development.”
Geoff Ward, Group Head at Development Victoria
The new Lorimer Street site is the most recent of a shovel-ready portfolio of four Melbourne-based projects. Samma and Brightlight are currently capital-raising for $750m, leading with a development planned for 65 Haig Street, Southbank, due to start construction within the next five months. The partnership will see the creation of 1412 apartments across the four developments from 2022 to 2025, with measurable impact outcomes for over 2800 residents.
Longer-term, Samma and Brightlight are building a pipeline comprising eleven Build to Rent developments (inclusive of the four shovel-ready projects), which will deliver 3,144 apartments for over 6,200 residents, and is expected to be valued at over $1.7bn by FY28.
