Australia’s first super-backed ‘built-to-rent-to-own’ (BTRTO) developed has been completed in Melbourne’s Kensington area with the first batch of residents set to move in.
The nation’s largest super fund AustralianSuper has partnered with developer Assemble to develop the project with plans to expand nationally.
The model allows residents to secure their rent and purchase price for up to five years, with the option to buy their home at any stage at an agreed value.
AustralianSuper has made a nearly $500 million equity commitment to Assemble BTRTO projects, with the expectation to deliver more than 1400 homes by 2027.
Construction on a second BTRTO development in the Melbourne suburb of Brunswick is underway. Further projects in Brunswick, Coburg and Footscray are also in the pipeline.