PHRP site images.jpg

Homes Victoria Ground Lease Model

Brighton, Flemington and Prahran, Victoria

Building Communities, a consortium of Tetris Capital, Community Housing Limited, Icon Kajima, Citta Property Group and the National Housing Finance and Investment Corporation (NFHIC), has been selected by the Victorian Government to deliver its flagship social housing project.

In an innovative partnership that is the first of its kind for social housing in Australia, the government will lease land in Brighton, Flemington and Prahran to the consortium for 40 years.

The consortium will finance, design, construct, manage and maintain 1,110 new homes - 619 brand new social housing dwellings, 126 affordable homes and 365 market rental homes, including 52 Specialist Disability Accommodation dwellings.

As well as being an investor, Community Housing Limited will be the operator and service provider. NHFIC has provided debt finance. Citta Property Group were the development and property advisor. Icon Kajima will build the new housing with completion scheduled for 2024.

Leading and sponsoring the bid, Tetris Capital acted as the financial advisor on the project and will continue as an equity holder and as the long term asset manager for the duration of the ground lease.

At the end of the 40 year lease, the land and all the 1,110 dwellings will come under the management of Homes Victoria.

LOCATION

Brighton, Flemington and Prahran, Victoria

CLIENT

Homes Victoria, Department of Families, Fairness and Housing

TOTAL VALUE 

$515m

OUR ROLE

Financial Advisor

Bid Lead
SPV / Asset Manager             

Equity Holder

DEVELOPMENT PARTNER

Citta Property Group

BUILDER

Icon Kajima

ARCHITECTS

JCB Architects,  Six Degrees Architects
& SJB Architects

SERVICES CONTRACTOR

Community Housing Limited

FINANCIAL CLOSE

2021

COMPLETION DATE

2024

CONTRACT TYPE

Design, build, finance, operate and maintain