Assemble, Housing Choices Australia, AustralianSuper, HESTA, CBA and Samma Property Group have broken ground on a new Build to Rent and affordable housing development at 119 Bell Street, Ivanhoe, in Melbourne’s Northeast.
“119 Bell Street, Ivanhoe demonstrates Assemble’s unique partnering approach which enables industry partners to work alongside Government – in this case with Housing Australia – institutional investors and community housing providers to deliver housing at scale.”
Carolyn Viney, CEO, Assemble
Located within walking distance of the Austin Hospital and Heidelberg medical precinct, the scheme will comprise 435 new homes and 327 affordable homes and is supported by Housing Australia funding provided under its Housing Australia Future Fund Facility (HAFFF) program.
“Housing Choices Australia is proud of its unique partnership with Assemble, AustralianSuper, HESTA and Housing Australia, which will deliver hundreds of secure, affordable homes in well-connected locations, providing stability and opportunity for families who need it most.
“Projects like 119 Bell Street, Ivanhoe demonstrate what’s possible when government, investors and community housing providers work together to deliver housing at scale and create lasting benefits for the community.”
Michael Lennon, Interim CEO, Housing Choices Australia
Alongside the homes, new green spaces and community infrastructure will be delivered. The award of HAFFF funding announced in September 2024 made it possible to materially increase the number of affordable homes to 327. The scheme is being developed by local developer Samma Property Group, with Hacer appointed as the Head Contractor.
“This is a major investment that will deliver hundreds of new affordable homes, supporting HESTA’s efforts to deliver stable long-term returns to members while helping address one of Australia’s biggest challenges.
“Many of our members provide critical health and community services and need affordable housing near their work and public transport, which is why projects like 119 Bell Street are so important.”
Debby Blakey, CEO, HESTA
On completion, it will be owned by AustralianSuper and HESTA, with Commonwealth Bank of Australia joining Housing Australia in providing debt finance to the development and Housing Choices Australia appointed to work alongside Assemble in managing the homes.
“We’re delighted to be adding this project to our fast-growing portfolio of Australian housing investments. The Ivanhoe project is well situated in Melbourne’s north-eastern corridor, with great access to employment and transport.
“It’s another example of how we’re working with Assemble and other partners to bring more housing to market, while we strive to deliver strong long-term returns for members.”
Paula Benson, Chief Strategy Officer, AustralianSuper
119 Bell Street is one of the many housing assets Assemble intends to deliver as part of its strategy to deliver 17,000 homes — including social and affordable homes delivered in partnership with Housing Choices Australia and other community housing providers — by 2034.
“Australia’s housing affordability challenge is fundamentally a supply challenge, and this project shows how private sector capital can be mobilised alongside government support to deliver more affordable homes for Victorians who need them.
“CBA is delighted to partner with Assemble, AustralianSuper, HESTA and Housing Choices to help unlock institutional investment into housing that makes a meaningful difference for people and communities.”
Sinead Taylor, Group Executive Institutional Banking & Markets, Commonwealth Bank
