Local receives green light for $315m flagship build to rent project

New built to rent platform, Local, is moving ahead with its flagship project in Melbourne’s inner northern suburb of Kensington with planning approvals secured, leading construction firm Hacer appointed to deliver the project and NAB providing debt financing. 

Located at 346-350 Macaulay Road, the Hayball designed $315 million mixed-use project will comprise 477 residential apartments.

A collection of six buildings designed around a central landscaped square, the design focusses on creating a thriving community with a variety of generous shared amenity spaces spilling out into the residents’ gardens. On completion, residents will have access to an abundance of amenities including two fully equipped private dining rooms, a 250sqm gym and wellness zone, resident co-working space, cinema, art studio and resident lounge that overlooks the outdoor pool and deck.

Artist’s impression of Local Kensington.

Artist’s impression.

Dan McLennan, Local Co-CEO and Founder said it’s an exciting time for Local with a number of projects currently in the pipeline.

“To reach this milestone  is a huge vote of confidence in not only the project but the overall vision of Local and what we want to achieve in providing a socially responsible and sustainable way to rent, live and belong.” – Dan McLennan, Local Co-CEO.

Consistent with Local’s commitment to sustainability and social impact, the Kensington project will target net zero carbon emissions from operations and incorporate a targeted component of housing intended to create positive social impact, focusing on three groups – key workers such as nurses and hospitality workers, people living with a disability and women over the age of 55 who are at risk of homelessness. 

Artist’s impression.

Bill Halmarick, Head of Real Estate, Corporate & Institutional Banking nab said “We are very pleased to support Local in its inaugural project to create positive change in the Australian housing market – delivering sustainable quality rental homes in conjunction with a targeted component of social and affordable housing”.

Hacer Director Mark Lewis said “Hacer is extremely proud to be partnering with Local, a new and innovative brand in the Build to Rent space. Local’s sustainable vision, coupled with their reasonable and practical approach to working with Hacer has made for a great experience to date and we are looking forward to developing a successful long term relationship,” said Mark.

On track for residents to move in at the end of 2024, Kensington is Local’s first build-to-rent project with a second site located in South Melbourne. Local acquired its second project at 245 Normanby Road in August this year.