Homes Victoria Ground Lease Model 1, Stage 2
Flemington, VIC
Building Communities, a consortium of Tetris Capital, Community Housing (Victoria) Limited, Icon Kajima and the National Housing Finance and Investment Corporation (NFHIC), has been selected by the Victorian Government to undertake a second stage for the GLM1 project.
The consortium will finance, design, construct, manage and maintain 285 new homes - 50 brand new social housing dwellings and 220 affordable homes and 15 Specialist Disability Accommodation dwellings.
As well as being an investor, Community Housing (Victoria) Limited will be the operator and service provider. NHFIC has provided debt finance. Icon Kajima will build the new housing with completion scheduled for 2024.
Leading and sponsoring the second stage, 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 285 dwellings will come under the management of Homes Victoria.
LOCATION
Flemington, Victoria
CLIENT
Homes Victoria, Department of Families, Fairness and Housing
TOTAL VALUE
Confidential
OUR ROLE
Financial Advisor
Bid Lead
SPV / Asset Manager
Investor
BUILDER
Icon Kajima
ARCHITECTS
Six Degrees Architects
SERVICES CONTRACTOR
Community Housing Limited
FINANCIAL CLOSE
2023
COMPLETION DATE
2026
CONTRACT TYPE
Design, build, finance, operate and maintain