Victorian-based property developer Assemble continues to address housing affordability issues in Melbourne, with the launch of it’s third rent-to-buy project.
Designed by Fieldwork architects, the site will include 171 apartments ranging from studio apartments to three-bedroom units, on the site of an existing factory.
Located at 4 Ballarat St, Brunswick, the property will include landscaped open-air walkways throughout the central building, a multi-purpose workshop, lending library, cool storage room and a rooftop communal room.
The site will also be powered by 100 per cent renewable energy and will include an onsite bio-composter, with a designated dog park and wash area to be included on the rooftop. An edible garden space will also be available for those wishing to grow their own fruit and vegetables.
Assemble managing director Kris Daff said the concept would bridge the gap between renting and buying for people with moderate incomes of $60,000 – once the applicant signs the lease and contract of sale, they secure five years agreed rent, with the option to buy the home at the end of the lease.
“We are witnessing the strongest growth in property values in our history, rising at their fastest rate in almost two decades, and as a result, we have reached a crisis point in housing affordability,” he said.
“Our housing concept, Assemble Futures, takes the volatility out of the market and provides absolute price certainty for our clients over the term of the lease and the end purchase price.”
“This latest opportunity provides those with a moderate income an opportunity to save for a home deposit, know they have security of tenure and live in the heart of the Brunswick community in a quality.”
The project is the third rent-to-buy development Assemble has brought to market, after the model secured financial backing (a 25 per cent stake) from AustralianSuper last year.
Assemble’s other projects include 393 Macaulay Road, Kensington – currently under construction, with residents expected to move in 2021 – and 15 Thompson St, Kenignston – currently being demolished for construction.
Construction of 4 Ballarat St, Brunswick, is expected to begin late this year and be completed in early 2023.