Set to be released next month, Assemble’s latest development in Brunswick at 4 Ballarat Street is the latest 'rent-with-the-option-to-buy' project by the developer, featuring 171 apartments comprising studio, one, two and three-bedroom floor plans.
Designed by Fieldwork Architects, the existing factory site has been transformed into a group of smartly styled apartments targeted at first homebuyers in Melbourne’s north.
Assemble Futures offer an unconventional but more accessible model that allows for first home buyers to enter the market more easily. Once the applicant signs the lease agreement and contract of sale, they secure five years agreed rent with the option to buy their home at 4 Ballarat St. at the end of the lease period.
Assemble Managing Director, Kris Daff says the Assemble Futures housing concept is suitable for Melbourne's first home buyers with moderate incomes starting from $60,000, and renters seeking secure housing options.
"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. 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," he says.
"This latest project provides those with a moderate annual income an opportunity to save for a home deposit, know they have the security of tenure and live in the heart of the Brunswick community in a quality designed apartment.”
Citing Brunswick’s streetscape, the apartment’s exterior is derived from raw materials, with corrugated iron, blue stone paving and concrete to create a timeless ribbed textured 'patina' exterior.
The interiors cop a heavy dose of sunlight, with cross flow ventilation encouraged through operable transom windows. Living spaces are designed for functionality and durability, allowing for family living. Exposed concrete soffits have been implemented to regulate internal temperature, plus high-quality fixtures and fittings.
Social interactions are encouraged with the ground floor featuring a multi purpose workshop and lending library to share household items with others. A rooftop communal room is included, providing residents with a flexible, bookable studio space to host activities such as parties, yoga and community events.
Rush Wright have been tasked with the landscaping of 4 Ballarat Street, and have created plans for a lush, landscaped space with native tropical plants on the ground floor that look up into the building's open atrium space. A further communal garden located at the northern end of the building, shaded by an overhead pergola and large canopy trees, will be made available to residents.
The rooftop is home to additional open green space and a communal BBQ area, shared laundry and clothes lines, with a designated dog park and wash area also included. An edible garden space also affords residents the opportunity to grow their own vegetables and harvest herbs.
4 Ballarat Street will run on 100% renewable energy with a minimum 7.5-star average NatHERS rating target. An onsite bio-composter that employs a closed loop system will manage organic waste and convert this to fertilizer for the gardens, with stormwater recycled and used for toilets and landscape watering.
Following on from their first two 'rent-with-the-option-to buy’ projects, 4 Ballarat Street’s apartments will be released by Assemblies Relationships team from early May across three stages. The first selection of apartments will be released on 8th of May, with further releases available throughout May.
Construction is commencing from late 2021 and expected to be complete by early 2023.
For more information head to assemble4ballaratst.com.