WT and Building Communities are breaking new ground – working closely with Homes Victoria to tackle housing affordability through an innovative and collaborative partnership, known as the Ground Lease Model (GLM).
Housing is fundamental to every Australian’s health, wellbeing, security and sense of community. In a first of its kind in Victoria, GLM successfully renewed ageing social housing sites by replacing older style dwellings with social homes that are modern, energy efficient and designed to suit diverse needs of residents.
Through GLM, Homes Victoria leased the public land to a not-for-profit project group to finance, design, construct and operate rental housing for 40 years. At the end of the lease term, all land and buildings will be returned to Homes Victoria – meaning no sale of public land.
WT worked with the Building Communities (consisting of Tetris Capital, Icon Constructions, Community Housing (Vic) Limited, Abrdn and Invesis) to provide PPP technical advisory services, including expert lenders technical advisory and financiers certification for the GLM1 project. On completion in early 2024, residents have settled into the 1,084 new homes across Flemington, Brighton and Prahran.
Following the success of GLM1, the GLM2 project has now been established to deliver 1,370 new homes in Prahran, South Yarra, Hampton East and Port Melbourne by late 2026. Once again, WT brought trusted expertise to Building Communities to ensure that funding is delivered on time by assessing cost, risk and schedule.
We look forward to continuing to support these sustainable, high-quality developments, to ensure more Victorians have access to safe, secure and affordable housing.
