Melbourne-based Build to Rent developer and manager Local Residential announces the turnkey acquisition of the $360m Box Hill Build to Rent development from Jeff Xu’s Golden Age Group.
The development will form the second turnkey project in Local’s inaugural external venture, the Local Australian Turnkey Venture, alongside its project in South Melbourne.
The Box Hill development will be Local’s first Build to Rent project outside Melbourne’s inner-city ring. With architecture and interiors by Fender Katsalidis, the scheme will deliver 425 apartments and will transform the former Whitehorse City Council car park into a dual tower project. Construction will start in Q1 2024, with residents moving in late in 2025.
Located at 517 – 521 Station Street, Box Hill sits at the heart of the suburb’s transformation area, above Golden Age’s new food, lifestyle and retail precinct known as SKY SQR. The expansive three-level podium and food precinct spans approx. 12,000 sqm, including a childcare centre, and has been designed by world-renowned Oval Partnership.
“Golden Age have an exceptional track record in delivering high-quality mixed-use projects in sought after locations. The growth in the market of Box Hill has been extraordinary and we believe the location will endure through market cycles. We’re excited to be partnering with Jeff and his best-in-class team to deliver this project.”
Matt Berg, Co-CEO, Local Residential
Amenities at Box Hill include 1,170 sqm of outdoor green spaces designed by landscape architect Aspect Studios, an 80-seat co-working space, three private dining rooms, a 20m indoor pool, exercise and wellness studios, games and entertainment rooms, and pet wash and electric car share facilities.
“We have spent considerable time exploring and researching the right direction for this project to ensure it caters to the suburb’s ever-evolving needs. Box Hill is the perfect location for Build to Rent and we have always seen ourselves as a co-developer of Box Hill, so it’s important every project aligns with the council’s strategic vision and the needs of current and future residents.
“Local’s commitment to community aligns closely with ours and collectively, we will deliver an unprecedented and iconic project to Box Hill, continuing to shape this vibrant suburb by providing a fresh offering. We are excited to be working with the calibre of industry professionals of Dan McLennan and Matt Berg who are distinguished leaders in their fields.”
Jeff Xu, Founder and Managing Director (MD), Golden Age Group
In line with Local’s ESG commitments, 37 apartments in the development are committed to impact housing. The company has successfully established a housing model delivering tangible social benefits whilst achieving commercial returns without the assistance of government support or tax concessions.
Its impact housing model incorporates a minimum of 10% social, affordable, and specialist disability accommodation in each of its developments. Local also has plans to grow this to a minimum of 1,500 social and affordable homes over the next decade as part of its development pipeline target of over $5bn.
“With a growing need to deliver quality housing alongside access to education, employment, and culture outside of the Melbourne CBD, Local is determined to deliver attainable projects in inner to middle ring locations so more renters can enjoy thriving suburbs like Box Hill, which are tightly held, established residential markets with amenity that appeals to a broad range of prospective residents.
“We take a focused approach when considering our development sites, identifying the specific needs of an area and what value we can bring the local community. When we looked at Box Hill, we saw a close-knit, diverse community and strong local economy, which we want to build on. The current and future Box Hill infrastructure will continue to drive demand and is unique in Melbourne, being somewhat of a second CBD. We are excited to be partnering with Golden Age Group to create residential projects for new and existing residents to enjoy this vibrant and well-connected suburb.”
Chris Axsentieff, Head of Capital Transactions, Local Residential
With a strong local community and economy built on the back of the Eastern Health Precinct and the Box Hill Institute of TAFE, the area is positioned for incredible growth with the development of the suburban rail loop connecting key metropolitan activity centres with the outer suburbs of Melbourne.
