Ground Lease Model 1

Ground Lease Model 1 is a ‘first-of-its-kind’ development for Victoria, where Homes Victoria has partnered with the Building Communities Consortium to deliver new housing via an innovative and collaborative partnership model.

The development is renewing ageing social housing sites, replacing obsolete buildings with new homes designed to current quality standards, comprising 1,100 dwellings across 3 sites, located at Brighton, Flemington and Prahran. The developments are designed as an integrated housing model, including a mix of social, affordable, specialist disability and market rental homes, also incorporating community and other mixed uses, new parks and gardens, cafes and social enterprise opportunities.

The development is structured as a ground-lease, whereby the consortium is responsible to design, construct and finance the development and manage and maintain the homes for a period of 40-years, at which time ownership reverts to the State.

Citta Property Group was the development and property advisor in the delivery phase, together with consortium members including Tetris Capital, as financial advisor, and, Community Housing Limited, as operator and service provider.

The development phase was completed in early 2024.