Assemble has announced the rezoning of two residential and mixed-use sites located in Clayton and East Bentleigh, valued at $1.2 billion.
The rezoning is excellent news for the property market, with the developer aiming to deliver a $900 million affordable housing project, with $300 million allocated towards retail and workplace projects.
The accelerated rezoning can be attributed to the Victorian Planning Authority’s (VPA) Fast Track Projects Program, which speeds up the rezoning process of industrial sites in order for them to be developed for residential, commercial and mixed-use. The program’s implementation will see some $17 billion in economic value unlocked by the end of 2021.
"We celebrate the rezoning efforts as a strong move that ensures Victorians will have the appropriate supply of social and affordable housing to meet our critical shortfall,” says Assemble Managing Director Kris Daff.
"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 broader Glen Eira and Monash communities.”
Daff went on to say the developer is fast-tracking the delivery of its affordable long-term rental housing pipeline.
"Assemble is delivering housing at scale with some 2,400 apartments of our portfolio under construction in the next six months alone, which is a further investment into Victoria's economy," he says.
The Clayton site, located at 209-211 Carinish Rd is the former industrial site of PMP Printing. Rezoned by the Minister for Planning, the precinct will support a growing local community within the Monash National Employment and Innovation Cluster (MNEIC). The project will deliver diverse housing, shops and businesses centred around a new town square, it will accommodate around 1,180 new homes including affordable housing, three new local parks, and 1,000 local jobs.
20 percent of the residences are classed as social housing, to be delivered by Housing Choices Australia, while 35 percent of dwellings will be dedicated to affordable housing targeting essential workers, such as the local Monash health and education workers. The remainder of the residences will be delivered as market housing.
"This is a prime site that will revitalise the area set in a well-connected precinct, offering the community easy access to key health, education and transport hubs. Our future residents will be within walking distance to the Monash Medical Centre, Monash University's Clayton campus, Clayton Station and the future Suburban Rail Loop 'superhub' station,” says Daff.
A 4,500sqm commercial precinct featuring office and retail spaces will be constructed on the site, with Jackson Clements Burrows Architects devising the structure and Rush Wright taking care of the landscape architecture.
The second Assemble development is located at 246 East Boundary Road, East Bentleigh (pictured top), with the developer acquiring the site in 2015. This masterplanned community, known as East Village, comprises 3,000 dwellings (940 as social housing), 15,000sqm of retail floorspace, 80,000sqm of commercial floorspace.
"East Village will provide stable rental tenure for a diverse residential community including students, tertiary education workers and essential key workers in the local Glen Eira community," says Daff.
The first stage of the development is valued at $400m and features 450 units designed by Hill Thalis, who were selected via a design competition. MGS Architects and Craig Tan Architects have been tasked with designing 16,000sqm of mixed-use elements. The project is estimated to create 5,000 jobs.