MAKE Ventures acquires $40 million Preston site for Assemble portfolio

Leading property developers, Assemble Communities, is set to expand its Build to Rent portfolio with parent company, Make Ventures, acquiring the current Preston Toyota site for $40 million from McMillan Property Group.

Spanning 1.6 hectares, the landholding comprises 687-717 High St, 19 Regent St and 58-60 William St, Preston, transforming the site to home 500 dedicated Build to Rent units and 5,000 sqm of commercial space.

This is the second site acquired by MAKE and to be developed by Assemble in Preston, with a 459-dwelling development on St George’s Rd in the pipeline, along with future inner-north projects at Sydney Rd, Coburg, and 4 Ballarat St, Brunswick.

Assemble Managing Director, Kris Daff said this premier site located at the northern edge of the Preston-High Street Major Activity Centre, presents a significant opportunity for the area.

“Our latest acquisition in Preston meets the key needs for the growing Victorian population with its prime position in Melbourne’s inner-north location.”

“The future community will enjoy access to key health, education and employment areas, while being surrounded by established quality high-streets and transport nodes including the future Suburban Rail Loop Reservoir station.”

“With three existing developments in Victorian’s inner-city northern corridor alone, this acquisition paves the way for the business to grow our affordable housing offering. This is a strategic investment, part of our long-term warehousing strategy,” said Daff.

The property will remain under a long-term lease agreement with Eagers Automotive, with settlement anticipated for late 2024.

The acquisition by MAKE will bolster Assemble’s significant $3 billion privately funded social and affordable rental housing portfolio, which includes an existing pipeline.