Developer Samma Property Group has revealed a residential project for a Melbourne suburb on land acquired as part of an unusual property swap arrangement.
The developer handed over ownership of 27 one-bedroom units in its four-tower project of almost 500 apartments now under way at Samma Place on 85-131 Bell Street in Ivanhoe to not-for-profit group Vasey RSL Care.
In return, Vasey gave Samma ownership of a 7235sq m site across nine blocks partly backing on to Samma Place that currently has 17 villa units on it. Samma also acquired the planning permit for the site with the swap.
The site has six blocks on Huntingfield Place and 48-56 Edwin Street, two blocks backing on to Samma Place and two fronting Foster Street.
The DKO Architects-designed plans for the Huntingfield Place project include 44 townhouses each with front and back yards.
Samma Property Group director Daniel Abdelmalak said that the site would allow a mix of people to live in and help revitalise the suburb.
“This project will provide housing diversity to suit everyone from first-home buyers to young families to right-sizers,” Abdelmalak said.
Eckersley Garden Architecture will also be involved in the project, providing each townhouse with its own designed garden.
The plans also include the largest solar panel component of a residential project in the City of Banyule area which will generate 162MWh per year
This is equivalent to removing 162 tonnes of greenhouse gas emissions or taking 35 cars off the road each year.
The swap will give Vasey management of 279 units across eight regions when Samma Place is completed in the second quarter of 2023.
Vasey chief executive Janna Voloshin said the swap would help the group find quality, affordable housing for veterans and others.
“One of the goals set out in our white paper is to increase our capacity to support veterans especially the growing proportion of younger veterans needing housing,” Voloshin said.
“From a strategic perspective, acquiring 10 additional homes for veterans, war widows or partners is a very exciting stride forwards, providing state-of-the-art housing for our community.”
Meanwhile, Samma and Brightlight have recently worked together to acquire sites in Melbourne.
The duo bought a 4509sq m site at 194-206 Lorimer Street near Bolte Bridge in the Docklands from Development Victoria for a reported price of around $20 million.
The site came with a development scheme for a 90m (30-storey) tower—Samma and Brightlight has announced plans for a $200-million build-to-rent project with around 300 units for the site.
The duo also owns 65 Haig Street in Southbank with plans for a $750-million build-to-rent project with four towers and more than 1400 units.
