Developer Assemble has officially began works on its 362-apartment 402 Macauley Road Build to Rent scheme.
Celebrating alongside Victorian Premier Dan Andrews, Minister for Housing Colin Brooks, the honourable Lord Mayor Sally Capp, and project partners including HESTA’s CEO Debby Blakey, Super Housing Partnerships’ (SHP) CEO Carolyn Viney, ANZ Group Executive Mark Whelan, and Housing Choices Australia CEO David Fischer, the achievement marks the beginning of the project’s construction journey.
After speeches concluded on-site at the scheme, the parties in attendance at the ceremony visited the nearby Cassette café to continue the celebrations.
“As we break ground on this transformative Build to Rent housing project, we take a major step forward in reshaping the future of housing in Australia, providing secure and affordable homes for those who need it most, through an investment structure that is designed to achieve scale. In partnership with HESTA, Assemble and Housing Choices Australia, SHP is proud to be at the forefront of addressing Australia’s housing affordability crisis.”
Carolyn Viney, CEO, SHP
The Kensington-based 402 Macaulay Road development will feature a diverse range of rental homes that are urgently needed in the current system, including affordable, social, market and specialist disability housing.
This milestone scheme is the first of five Build to Rent projects that Assemble is delivering in partnership with specialist affordable housing fund manager SHP, whose team are helping to orchestrate crucial investment solutions into Australian housing.
“Breaking ground on our inaugural build-to-rent project is a moment of great pride for HESTA and our partners. HESTA has more than 1 million members primarily working in the care economy. More than 80% of members are women – they will be statistically overrepresented in every one of the dire housing affordability statistics. This milestone propels us closer to realising our vision for how we as a long-term responsible investor can create strong, stable returns for our members by meeting Australia’s huge need for affordable and secure housing.”
Debby Blakey, CEO, HESTA
402 Macaulay Road was funded by an initial $100m investment by HESTA and will be led by Assemble’s trusted builder partner Hacer Group, who are currently progressing the developer’s next two Assemble Futures communities at 15 Thompson Street, also in Kensington, and 4 Ballarat Street in Brunswick.
“402 Macaulay Road represents the results of a strong collaboration across sectors. These homes are a proof point for how together we can create impact into housing. Most critically they provide a diversity of housing options now, and for future generations.”
Kris Daff, Managing Director (MD), SHP
The Assemble team at 402 Macauley Road have expressed their excitement regarding the development and look forward to delivering more Build to Rent communities like it.
