Local Residential, an Australian Build-to-Rent enterprise born in Melbourne, has achieved the topping out of their inaugural development, Local Kensington, with construction partner Hacer Group. Located in the inner-city Melbourne suburb of Kensington, the project has an end value of $315 million and comprises of 477 apartments with a mix of 1, 2 and 3 bedrooms.
Present at the topping out ceremony on Monday were Local’s Founders and Co-CEOs Matt Berg and Dan McLennan, Lord Mayor Sally Capp, and key Local stakeholders from Macquarie Bank, NAB, Hacer, Group and Women’s Property Initiatives.
Matt Berg says, “At a time when we’re facing housing challenges, Melbourne sorely needs more quality homes in well-connected communities that also provide residential security for tenants. Our offering also includes an Impact Housing initiative, contributing 33 social and affordable homes through a partnership with the Women’s Property Initiatives, allocating these homes to women over 55 experiencing or at risk of homelessness. The Impact Housing also includes 9 specialist disability accommodation homes being delivered by Home in Place, and affordable accommodation for key workers needed to support the service requirements in Melbourne.”
Berg adds, “We are extremely proud of these partnerships, and look forward to seeing the transformative impact of these housing initiatives on our communities. Dan McLennan and I set out with a vision to not just build apartments, but to build homes where families thrive and neighbourhoods flourish. We are committed to creating sustainable, inclusive spaces that stand the test of time.”
Kensington was a natural choice for Local’s inaugural development due to its vibrant, multicultural community and accessibility to local schools, shops, public transport and CBD connectivity. The campus-style development creates a village precinct with a shared landscaped internal courtyard providing a communal link between the 6 buildings, each consisting of 8 storeys. The development also comprises 461.5 sqm of retail offerings along Macaulay Road designed to activate the street frontage and the Macaulay/Stubbs precinct.
Residents will enjoy a substantial offering of amenities including 2 fully equipped private dining rooms, a 250 sqm gym and wellness zone, resident co-working space, cinema, art studio and resident lounge overlooking the outdoor pool and deck. The apartments were designed by award-winning architecture firm, Hayball, with Melbourne-based landscape architecture firm Openwork designing the vision for the outdoor spaces.
Local’s unwavering commitment to sustainability is at the core of its development philosophy. Recognising the importance of responsible environmental practices, Local integrates eco-friendly design, energy-efficient technologies and green building materials into every aspect of its projects. After only two years of operation, Local’s asset portfolio has climbed to more than $1.1B and over 1,300 apartments under construction across Melbourne.
Dan McLennan comments, “From the initial planning stages to construction, we prioritise minimising Local’s ecological footprint, aiming to create residences that not only meet the needs of today but also safeguard the well-being of future generations. Through building design and operations, Local seeks to pioneer a new standard in sustainable build-to-rent, demonstrating how thoughtful development can coexist harmoniously with the environment."
The apartments will be ready for rent mid-2024. To learn more, click here.
