Assemble Communities

&quot;How are we going to be able to afford property?&quot;

That&#39;s the disgruntled question often&nbsp;muttered when first home buyers start looking at getting on the property ladder.

Runaway property prices have seen young prospective buyers either compromise on a number of factors of a purchase, whether it be location or number of bedrooms, when buying their first apartment. Some will stay living with their parents, and some will turn to renting.

One of Melbourne&#39;s most innovative developers, the&nbsp;affordability-conscious&nbsp;Assemble, has a unique model which has already helped many young Australian&#39;s get in to the property market.

Rather than the traditional build to sell (we develop, you buy) model, which has out-priced many, their Build to Rent to Own offering (known as Assemble Futures) allows prospective buyers to rent apartments, with a free option to buy, after five years.&nbsp;&nbsp;

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<h2>What are Build to Rent to Own communities and how do they work?&nbsp;</h2>

Assemble began with Assemble Futures, previously known as the Assemble Model, offering an alternate pathway to home ownership, enabling residents to rent securely for five years, with the option to buy their home at the end of the lease period.

In June 2020, Australia&rsquo;s largest superannuation fund, AustralianSuper invested into the company, with a focus on supporting the expansion of the Assemble Futures model to help address housing affordability and create better access to homeownership.

&quot;Assemble​ Futures supports first home buyers into homeownership by enabling them to move in and experience their home and community for five years, while saving for a deposit to buy it,&quot; Assemble&#39;s​ director of marketing and relationships, Rebecca Shackleton, told Urban.

&quot;It protects them from shifts in the property market as they lock in the future purchase price of their home, and leases are renewed every 12 months, so if life takes them elsewhere, they have the flexibility to leave after the first 12 months.&quot;

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The hybrid Build to Rent model offers stable rents, certainty of tenure, financial coaching, and community services, giving residents the option to purchase after a five-year lease period at a pre-agreed price.

This pricing stability&nbsp;creates a pathway&nbsp;to homeownership that supports Australians with a moderate income, as defined by the&nbsp;<a href="https://www.planning.vic.gov.au/policy-and-strategy/affordable-housing/resources">Victorian State Government</a>.

Assemble&#39;s ambition is to challenge Australia&#39;s unfair housing system, with a focus on developing pathways into high quality, sustainable, stable housing.&nbsp;

&ldquo;With a deep respect for people, place, and planet, we deliver housing and create communities that embrace diversity, reflect local culture, and nurture a stronger sense of ownership and belonging,&rdquo; Shackleton said.

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Assemble, starts construction on its newest Build to Rent to Own development, 15 Thompson St, Kensington, this month.&nbsp;

MAKE - Assemble&#39;s parent company,&nbsp;spent $30 million on the site, which is the third project by the group in the inner Melbourne suburb.

Construction firm, Hacer Group has been awarded the contract to deliver the Kensington project valued at $190m, designed by Hayball with landscaping by Oculus.

Assemble Managing Director, Kris Daff said support by the Government, planning authorities and AustralianSuper, demonstrates confidence in offering Australian&rsquo;s alternative pathways into home ownership.

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&ldquo;Kensington is a highly prized inner-city location, and this approval unlocks access to design-driven, sustainable and community-oriented apartment living for Melbournians,&rdquo; said Daff.

&nbsp;Earlier this year Assemble secured rezoning of two prime industrial sites in Clayton and in East Bentleigh for future residential development.

Daff said it was a strong move that ensures Victorians will have an appropriate supply of social and affordable housing to meet the critical shortfall.

&quot;We are now a step closer to delivering over 1,600 social and affordable housing units, along with much needed health, commercial and retail outcomes, for the broad Glen Eira and Monash communities,&quot; Daff says.

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Assemble’s Build to Rent to Own (BTRTO) housing model is delivered through Assemble Futures.



alisonwarters@gmail.com

How Melbourne developer Assemble is changing the game for first home buyers

Assemble, the developer on a mission to make thoughtfully designed homes, more accessible to more people, starts construction on its next Kensington apartment project.&nbsp;

Apartments will be offered via Assemble Futures, where residents can rent securely for five years, and then take up the option to buy their home.&nbsp;

MAKE - Assemble&#39;s parent company,&nbsp;spent $30 million on the site, which is the third project by the group in Kensington.&nbsp;

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The project seeks to meet the needs of the local community, through the provision of accessible, sustainable, thoughtfully designed homes.&nbsp;

Designed by Hayball Architects, 15 Thompson St comprises of studio, one-bedroom, two-bedroom and three-bedroom apartments across eight levels.

The building form is delivered across two conjoined buildings to enhance community connectedness.

&ldquo;Wrapped in fluted textured pre-cast concrete fa&ccedil;ade, the built form celebrates the neighbourhood&rsquo;s industrial past. Intricate brickwork, vertical steelwork and tactile materials create layers of textural detail to express the suburb&rsquo;s rich history,&rdquo; Hayball outlined.

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The interior design of each apartment is focused on durability, functionality, and longevity, utilising high-quality materials that will last and wear well, as well as reducing the environmental impact.

&ldquo;The outcome is driven by fundamental principles including an emphasis on internal amenity, privacy, light and air access, cross-ventilation to apartments, landscaped green spaces and with direct engagement between public and private space,&rdquo; said Hayball.

15 Thompson Street is designed to encourage informal neighbourly connections with open-air walkways and stepped entries, along with a parcel room with cool store, an Amsterdam-inspired ramped bike storage facility, a lending library and a workshop.

The entire community will be connected through communal spaces located on both the ground level, as well as the rooftop, which also features a herb garden, sports courts, a dog park, a kid&#39;s play area, and a dining area with barbecues&nbsp;and a pizza oven.&nbsp;

Oculus contributed its landscaping expertise to the internal courtyard that will connect the project back to the wider Kensington community, which will include dedicated vegetable and edible gardens.

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&quot;Our focus centres around increasing ground plane permeability and amenity, providing borrowed views and creating seasonal change through planting for residents, neighbours and visitors,&rdquo; Oculus noted.

Located only three kilometres from Melbourne&rsquo;s CBD, the Kensington development offers the convenience of village shopping, with Macaulay station and Kensington station only a five-minute walk down the road, connecting residents to the city.

15 Thompson St. is the second Assemble Futures community to be developed in Kensington, following the success of 393 Macaulay Rd, which is due to open in the coming weeks.&nbsp;

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The project will support home buyers onto the property ladder by offering "a rent with the option to buy" model. 

Assemble's Kensington's apartment development, 15 Thompson St. commences construction

Leading property developers, Assemble Communities, is set to expand its Build to Rent portfolio with parent company, Make Ventures, acquiring the current Preston Toyota site for $40 million from McMillan Property Group.

Spanning 1.6 hectares, the landholding comprises 687-717 High St, 19 Regent St and 58-60 William St, Preston, transforming the site to home 500 dedicated Build to Rent units and 5,000 sqm of commercial space.

This is the second site acquired by MAKE and to be developed by Assemble in Preston, with a 459-dwelling development on St George&rsquo;s Rd in the pipeline, along with future inner-north projects at Sydney Rd, Coburg, and 4 Ballarat St, Brunswick.

Assemble Managing Director, Kris Daff said this premier site located at the northern edge of the Preston-High Street Major Activity Centre, presents a significant opportunity for the area.

&ldquo;Our latest acquisition in Preston meets the key needs for the growing Victorian population with its prime position in Melbourne&rsquo;s inner-north location.&rdquo;

&ldquo;The future community will enjoy access to key health, education and employment areas, while being surrounded by established quality high-streets and transport nodes including the future Suburban Rail Loop Reservoir station.&rdquo;

&ldquo;With three existing developments in Victorian&rsquo;s inner-city northern corridor alone, this acquisition paves the way for the business to grow our affordable housing offering. This is a strategic investment, part of our long-term warehousing strategy,&rdquo; said Daff.

The property will remain under a long-term lease agreement with Eagers Automotive, with settlement anticipated for late 2024.

The acquisition by MAKE will bolster Assemble&rsquo;s significant $3 billion privately funded social and affordable rental housing portfolio, which includes an existing pipeline.

Assemble Managing Director, Kris Daff said this premier site located at the northern edge of the Preston-High Street Major Activity Centre, presents a significant opportunity for the area.

MAKE Ventures acquires $40 million Preston site for Assemble portfolio

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Australian affordable build to rent developer, Assemble Communities, today announced that AustralianSuper has invested in the company.
Australia’s largest superannuation fund has purchased a 25 per cent share in the company and will have the opportunity to invest in Assemble Communities’ pipeline of projects.
This investment will enable the developer to grow its ‘rent with the option to buy’ property portfolio, known as the Assemble Model, which addresses housing affordability and access to homeownership.
Strategic investment company, MAKE Ventures, which acquired Assemble Communities in 2014, is co-investing up to $50 million and making available the majority of their project pipeline—in excess of 4,000 dwellings and 120,000 sqm of non-residential programming—to be delivered by Assemble Communities.
Assemble Communities Managing Director, Kris Daff, said this significant investment signals the company’s unwavering commitment to affordable housing options is attractive to institutional capital partners, and Assemble now has the ability to scale to meet market demand for affordable housing and build to rent opportunities.
AustralianSuper’s Head of Property, Bevan Towning, said he expected the investment will provide good long-term returns for members while also addressing a significant social issue.
“AustralianSuper is proud to be investing in an Australian company that is innovating in affordable housing,” Mr Towning said.
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Assemble Communities has a growing pipeline of projects including 393 Macaulay Road, Kensington (currently under construction); and 15 Thompson Street, Kensington (with applications currently open)— both delivered under the Assemble Model. The future pipeline includes an additional site in Melbourne’s inner north, with the developer actively considering future sites.
Assemble Communities also completed 122 Roseneath Street, Clifton Hill in 2018.
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