Samma sheds another apartment site
Samma Property Group has quietly shed control of another high density residential site.
The 1001 square metre Southbank holding, 65-71 Haig Street, abutting the West Gate Freeway, is trading to build to rent outfit Local.
Samma paid $12.5m in 2020 also for a BTR asset; it was one of four inner city plots the group intended to build in partnership with impact investment firm Brightlight.
Samma also obtained a permit for a 40 level tower with 312 dwellings (artist’s impression, top).
Late last year, it sought to replace the Fender Katsalidis penned proposal for an affordable housing tower.
Local takes over
Local will develop 65-71 Haig St as per the permit; 74 per cent of units will be configured as studios or with one bedroom (story continues below).
With an end value circling c$270m, the complex is also designed with 1250 sqm of resident-only amenity including co-work spaces, a health and wellness centre, heated indoor pool, sauna, steam rooms, gym, dining area and dedicated pet facilities.
There will also be a rooftop bar.
Completion is scheduled in late 2027.
“The addition of this core Melbourne asset to our portfolio responds to the significant undersupply of suitable housing across Melbourne, delivering right-sized housing in greater locations to renters who want quality housing and access to retail, transport, employment, shopping and all that Melbourne has to offer,” Local head of Investment, Chris Axsentieff, said.
The deal comes three days since we reported Samma sold a permit-ready apartment site at Docklands site to Bensons Property Group for a speculated $20m.
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