The Allan Labor Government will deliver another 1,370 new homes across inner Melbourne through its innovative Ground Lease Model (GLM) - partnering with community housing agencies and the private sector.
Premier Jacinta Allan, Minister for Housing Harriet Shing and Commonwealth Minister for Housing Julie Collins today visited the near-complete Bangs St development in Prahran, announcing Building Communities as the not-for-profit partner to build hundreds of homes across four sites through the second GLM project.
The Labor Government will invest more than $180 million from the Big Housing Build to deliver the project in partnership with the Albanese Labor Government through its Housing Australia Future Fund.
Bangs St is part of the first GLM project building more social housing across Melbourne - replacing old, no longer fit-for-purpose dwellings with more modern, efficient, and environmentally sustainable social housing.
Following the success of the first project, contracts have now been signed to build more homes across South Yarra, Prahran, Hampton East and Port Melbourne under the same model.
The Labor Government will lease the land to Building Communities to build, operate and maintain the housing on the sites for 40 years, after which the land and all homes will be returned to public ownership.
Importantly, Building Communities will give residents a sense of community and belonging on each site, with facilities like communal green space, rooms for community activities and shared gardens for people to enjoy.
Around 500 existing dwellings on the four sites will be replaced with more than 650 social homes, 180 affordable homes, 470 market rental homes and 55 Specialist Disability Accommodation homes. This is a 31 per cent increase in social housing across the sites - including a 46 per cent uplift at Port Melbourne alone.
All new sites will include modern, well-designed, and energy efficient home with a 7-star energy rating to ensure homes are cheaper to heat and cool and more comfortable all year-round.
The Ground Lease Model 1 project is on track to deliver more than 1,000 homes by early 2024 across three sites in Brighton, Flemington and Prahran - along with a further 285 homes in Flemington by the end of 2026.
As stated by Premier Jacinta Allan
"We'll build these homes in partnership with local communities, for local communities. We're working to make sure residents can stay in the places they know and love - and that those communities thrive for generations to come."
As stated by Minister for Housing Harriet Shing
"Nothing is more important than finding a home. Once complete, these modern, energy efficient and accessible homes will provide housing for Victorians who need them the most."
As stated by Commonwealth Minister for Housing Julie Collins
"This is a historic day for housing in Australia, and another example of how the Albanese Labor Government is delivering on its commitments. We're working every day to ensure that more Australians have a safe and affordable place to call home."
