Aware Super lines up a big push in construction for hire

By on August 5, 2021 0

Its goal is to provide quality rental housing to essential workers such as teachers, nurses, police and senior care workers at 20 percent off market rates, while generating strong returns for its members.

“Over the past three years, we have committed more than $ 800 million nationwide to critical affordable housing assets for workers, either by purchasing excess inventory from developers, underwriting planned developments or by developing our own construction projects for lease, ”said Damien Webb, Head of Revenue and Real Assets at Aware Super,

“We have been involved in several successful rental construction projects in the United States and, although more difficult in Australia, we have been able to achieve attractive returns from this asset class.

“Our goal is to find assets close to important urban infrastructure, including schools, hospitals, transport and shops, to ensure that essential workers can live close to their places of work and reduce the time spent on the job. route.”

Sydney-based Altis Property Partners has previously partnered with Aware for a $ 300 million real estate development in Liverpool, Sydney’s Great West, as well as industrial projects. Last July, he hired Neva Courts, former CBRE institutional investment specialist, as director of its real estate business in Melbourne.

JLL sales agents declined to comment on the sale of the Bayview Hotel. JLL and Colliers co-sales agents also declined to comment on the Kensington site’s sales process.

An artist’s impression of the BTR project at 346-350 Macaulay Road.

Local real estate insiders said Aware and Altis had been actively researching locations in Melbourne for some time and had held briefings on their investment mandate and housing development strategy.

Occupying nearly 7,000 square meters within 4 kilometers of Melbourne’s CBD, the Bayview Hotel site at 50-52 Queens Road could produce hundreds of apartments either by reallocating the existing 203-room hotel and car park. on several floors, either by demolishing these buildings and developing a development of apartments built for this purpose.

Across the city’s outskirts, UAG’s 8,803 square meter former Vision Australia site at 346-350 Macaulay Road in Kensington comes with a permit for a six-tower project of 424 apartments.

Here Aware could face competition from other rental construction players in the booming industry, including ASX-listed Mirvac, which is developing a number of downtown locations, and the BTR fund. billion dollars created last year by Qualitas and Rich Lister Tim. Gurner.

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