Developer acquires third Kensington site
Make Ventures (MAKE), the parent company of build-to-rent developer Assemble, has acquired 402 Macaulay Rd – its third development site in Kensington – for $30 million.
The site joins Assemble’s existing projects at 393 Macaulay Rd and 15 Thompson St – both of which are currently under construction or demolition phases.
Both of the pre-existing sites will be delivered under a “rent-to-buy” model, but the 402 Macaulay Rd development will be Assemble’s first exclusively under a “build-to-rent” project in Kensington.
The development will include more than 400 apartments considered as “affordable housing” and community housing will comprise 20 per cent of the building.
The 7415 sqm former confectionary site is currently used as a distribution centre. It is across the road from Assemble’s 393 Macaulay Rd development, which is under construction.
Assemble’s pipeline includes more than 650 dwellings in the Kensington area alone, collectively valued in excess of $500 million.
MAKE managing director Kris Daff said the company would continue to privately acquire well located development properties.
“We have been executing our strategy over the past five years of a growth-centric approach. As a result of such a large, committed pipeline of projects, we continue to attract the attention of key institutional players and construction partners that value our commitment to build to rent, particularly focused on households with essential worker incomes and below,” he said.
“This latest acquisition in Kensington meets key criteria for institutional investors with a focus on assets that offer scale and access to inner-city locations within key employment areas, heavy rail access and high-quality existing high streets.”
A planning application is currently being prepared for the new site by Kerstin Thompson Architects and Hayball. The project will span four buildings.
Construction is expected to begin in 2022.