B Corp Build to Rent platform Local: Residential, alongside not-for-profit housing provider Storey Residential, has announced its partnership plan to deliver 1,000 affordable homes across Australia over the next five years.
The partnership aims to efficiently address the critical shortage of affordable rental accommodation for low-to-moderate-income earners through sustainable, energy-efficient and well-managed developments.
“The affordable housing crisis demands innovative solutions and specialist partners.
“As a registered charity, and with plans to become a Community Housing Provider (CHP), we’re uniquely positioned to focus entirely on creating lasting social impact through quality housing that remains affordable for the long term.”
Queenie Tran, Director and Chairperson, Storey Residential
Storey Residential’s model will focus on developing and managing sustainably designed Build to Rent apartments that offer security of tenure for low to moderate income earners who are vital to supporting our communities thrive.
Their current pipeline consists of 15 apartments in Kensington to be occupied in Q2 2025, 35 apartments in Box Hill due for completion in late 2025, 15 apartments in South Melbourne in early 2026, and an additional 31 apartments already slated for 2027.
“Incorporating affordable housing alongside our market Build to Rent projects has been part of Local’s mission from the outset.
“It is particularly important to us to provide access to quality housing for low to moderate income earners who we rely on for our communities to thrive.
“Not all workers have the opportunity to work remotely and too often are forced into terrible daily commutes; quality affordable housing close to key employment districts, transport hubs, and other amenities is needed.
“Consequently, we’re excited by the partnership with Storey and the opportunity it presents to make a real difference for more Australian renters.”
Chris Axsentieff, Head of Investments, Local: Residential
As a registered charity with the Australian Charities and Not-for-Profit Commission, Storey Residential operates under a strict governance model.
This model, which reinvests any surplus into developing more affordable housing or improving existing properties, is a testament to its commitment to creating positive change for Australian renters.
“Our not-for-profit status is a cornerstone of our social mission.
“Every decision we make is guided by our unwavering commitment to providing secure, sustainable, and affordable homes for Australians who are increasingly priced out of the traditional rental market.”
Queenie Tran, Director and Chairperson, Storey Residential
Alongside managing affordable housing components within Build to Rent projects, Storey is engaging with a range of institutional investors and pursuing opportunities to develop and manage Build to Rent development made of up to 100% affordable housing.
Last year, Local: Residential reached final close on its inaugural managed venture, the Local: Residential Turnkey Venture I. The Venture’s strategy was to develop a portfolio of Build to Rent developments via turnkey structure.
