Samma, Vasey strike Ivanhoe deal
Vasey RSL Care is selling Samma Property Group a major Ivanhoe development site – 17 older style villa units on nine suburban sized blocks, all up covering 7325 square metres – in exchange for 27 one bedroom apartments on Bell Street.
Following the unique deal, the developer has just started marketing 44 townhouses on the new holding, a project called Huntingfield Place.
The not-for-profit group meanwhile will soon have 10 more Ivanhoe dwellings than before to offer residents.
One bedroom units within the Samma Place complex Vasey will part-occupy are priced from $435,000.
Assuming that value for the 27 flats set to be inherited – it will benefit c$11.7m from the trade.
New for old
Upon completion of the Bell St dwellings by mid-next year, Vasey will manage 279 rental properties across eight regions.
“One of the goals set out in our White Paper is to increase our capacity to support veterans, especially the growing proportions of younger veterans needing housing,” the not for profit’s chief executive officer Janna Voloshin previously said of the transaction.
“In pursuit of this, we have been able to secure 27 brand new one bedroom apartments in a new development in Ivanhoe in exchange for our existing 17 unit site,” she added.
“For our Ivanhoe villagers, this will be quite a change and we will make sure they are supported throughout the transition…so far the response has been very positive” according to the executive (story continues below).
“From a strategic perspective, acquiring 10 additional homes for veterans/war widows/partners is a very exciting stride forwards, providing state-of-the-art housing for our community”.
Huntingfield Place
The Samma proposal will incorporate all six blocks in Huntingfield Place, which is actually a court, and 48-56 Edwin Street.
Two of the nine parcels have frontage to tree-lined Forster St.
Another two back onto Samma Place, which will contain close to 500 flats in four apartment towers, the tallest rising 18 floors.
Three bedroom townhouses within Huntingfield Place start at $1.33m (two bedders begin at just over $900,000).
The proposal comes 10 months since Samma, with Brightlight, acquired a Docklands site beside Bolte Bridge from Development Victoria for a Build to Rent investment.
That pair also holds 65 Haig St, Southbank, where it is intending a $750m asset of this type with over 1400 dwellings in four buildings.
Subscribe to our newsletter at the bottom of this page.
