Construction is underway at developer operator Assemble’s 199 apartments at their second Assemble Futures Build to Rent scheme at 15 Thompson Street in Kensington, with builder partner Hacer Group and AustralianSuper.
Construction of 15 Thompson Street builds on the successful completion of developer operator’s pilot project in Kensington in 2022.
The project is the first in the Assemble Futures pipeline to receive equity investment from AustralianSuper – Australia’s largest superannuation fund.
AustralianSuper has also committed to a third project which will deliver 171 apartments at 4 Ballarat Street, Brunswick. Both Thompson Street and Ballarat Street schemes are expected to completed by mid-2024.
AustralianSuper has also agreed to support the acquisition of three new Assemble Futures sites in Victoria, delivering over 1,000 additional homes in central Melbourne.
“AustralianSuper has renewed their commitment to Assemble’s housing mandate with these three major acquisitions, an important step forward as we bring our mission – to tackle the ongoing affordable housing challenges and support more people into home ownership – to life. Breaking ground on Assemble Futures project at 15 Thompson Street means more people will have the option to live in and eventually own environmentally sustainable, high-quality homes in a well-connected suburb. Our residents will be able to save and budget for their first home with certainty, without the worry of volatile rental market fluctuations, or being priced out of the market.”
Kris Daff, Managing Director (MD), Assemble
The three new planned developments include 370 Victoria Street Brunswick, 519-547 Sydney Road Coburg, and 11-19 Whitehall Street Footscray.
The pipeline of five Assemble Futures projects across Melbourne’s central suburbs will deliver over 1,500 homes via the Build-to-Rent-to-own model by 2027.
“Through the unique Assemble Futures model AustralianSuper is helping to provide more Australians with an important pathway to home ownership, while delivering on our purpose to help members to achieve their best financial position in retirement. The Assemble Futures model provides residents with much-needed certainty in terms of future purchase price, the security of a long-term rental agreement and flexibility to rent now and purchase later if they wish. Residents also receive the added benefit of financial coaching and education, which helps to prepare them for the step into future home ownership. We are delighted to have committed to a strong pipeline of future developments which will not only benefit residents but help us to deliver on our purpose for members.”
Bevan Towning, Head of Property, AustralianSuper
