AustralianSuper has acquired a quarter stake of Assemble Communities.
The country’s largest superannuation fund is also expected to fund upcoming ‘rent with the option to buy’ projects, which to date are focused in Melbourne’s inner north.
Over time, the partnership will allow for the delivery of build-to-sell product.
Formed in 2010 Assemble Communities was acquired by MAKE Ventures four years later.
It promotes itself as an affordable accommodation provider with a construction pipeline of some 4000 dwellings.
About 120,000 square metres of Non Residential Service development is also mooted.
AustralianSuper head of property, Bevan Towning, said he expects the Assemble Communities’ investment “will provide good long-term returns for members while also addressing a significant social issue [housing affordability]”.
Two Assemble Community ‘rent to buy’ projects are slated in Melbourne’s north west Kensington: one recently started construction at 393 Macaulay Road (pictured, above right).
Another, penned by Hayball (artist’s impression, top) to be known 15 Thompson Street, will contain 198 flats within two buildings after being fast-tracked by the Victorian government planning department late last year (the developer paid $17.5m for the 3986 sqm site which will make way for this project, then known as 88-86 Stubbs Street, last April).
Each of these properties will replace industrial properties recently gazetted to allow for eight level apartment towers.
In the city’s inner north east Clifton Hill, the builder in 2018 completed a village at 122 Roseneath Street.