Plans for more than 150 social and affordable homes have been fast-tracked by the Victorian Government for Melbourne’s inner south-east.
The new homes—101 social and affordable and 54 market rental apartments—will be across two nine-storey buildings at 14 Essex Street, Prahran, about 4km from the city centre.
Existing social housing on the 5.78ha site will be demolished to make way for the new homes under what the State is calling a “ground lease model”.
Under that plan, Homes Victoria, set up to oversee the Government’s $5.3-billion Big Housing Build, leases the land to project partners who then finance, design, build, manage and maintain the new housing over a 40-year term. All the land remains in public ownership.
The Essex Street redevelopment will be made up of one, two, three and four-bedroom apartments and townhouses. There will be basement parking for 77 vehicles and space for 166 bicycles.
An administration office, cafe and central public terrace are included in plans.
The redevelopment will reportedly increase the number of homes on the site by 146 per cent.
The Big Housing Build, which was set up in November of 2020 with the aim of delivering more than 12,000 homes regionally and across Melbourne, had built 7930 homes at the end of last month. The Government said 436 of them had been completed within Stonnington City Council, with another 677 under construction.
In fast-tracking the Essex Street redevelopment, Victorian planning minister Sonya Kilkenny said the Government was “pulling every lever we can” to reach the target of 800,000 homes over the next decade.
“We know we need more homes in Melbourne’s inner suburbs and this development does just that—delivering more social, affordable and market homes close to essential services, tram stops, supermarkets, parks and shops,” Kilkenny said.
The online property development monitor BCI Central estimates the Prahran project will have construction costs of about $150 million.
