Developer Local Residential has topped out its inaugural project in the Melbourne suburb of Kensington.
A topping-out ceremony was held this week with City of Melbourne’s lord mayor Sally Capp and stakeholders from Macquarie Bank, NAB, Hacer Group and Women’s Property Initiatives present.
Local partnered with Hacer Group to build its first build-to-rent project in the suburb.
The project, named Local Kensington, has an end value of $315 million and 477 apartments.
Those apartments will be a mix of one, two and three-bedroom apartments.
The project was designed as a campus-style precinct with a shared internal courtyard and links between the six eight-storey buildings.
There is also 461.5sq m of retail space along the Macaulay Road frontage and within the Macaulay-Stubbs precinct.
Amenities for residents include two private dining rooms, a 250sq m gym and wellness area, a co-working space, cinema, art studio, lounge, outdoor pool and deck.
Hayball designed the apartments for the project with landscape architecture firm Openwork designing the outdoor areas.
The project also provides several social and affordable homes, according to Local co-founder Matt Berg.
“Our offering also includes an Impact Housing initiative, contributing 33 social and affordable homes through partnership with the Women’s Property Initiatives, allocating these homes to women [aged] over 55 experiencing or at risk of homelessness,” Berg said.
“The Impact Housing also includes nine specialist disability accommodation homes being delivered by Home in Place, and affordable accommodation for key workers needed to support the service requirements in Melbourne.”
Local chose Kensington due to the community, accessibility to schools, shops and public transport and connections to Melbourne’s CBD.
The developer’s punt on build-to-rent has paid off with the asset portfolio increasing to more than $1.1 billion after just two years of operation and with more than 1300 apartments under construction across Melbourne.
Local estimates that the apartments will be ready for tenants to rent in mid-2024 once fitout is completed.
