Icon Consortium Confirmed for $500M Government Build-to-Rent Contract


Image: supplied

The Building Communities consortium, made up of Icon, Tetris Capital, Citta Property Group and Community Housing (Victoria) Ltd has been chosen to deliver the $500 million public housing contract by Homes Victoria.

Icon is the preferred builder for a $500 million government contract to construct three build-to-rent commercial communities in Melbourne.

Three build-to-rent developments with around 1,100 dwellings will be constructed on government land in Brighton, Prahran and Flemington, redeveloping and sitting alongside existing public housing estates.

The consortium will deliver social, affordable, Specialist Disability Accommodation and private housing at each of the estates, tailored to tenants needs and built to high environmental and accessibility standards expanding the availability of well-designed, efficient housing that combines social and affordable market rental dwellings.

The project is part of a state government initiative to ease the burden of securing long-term rentals and improve housing affordability.

The Building Communities consortium will deliver the four housing projects under a ground lease model, and will be responsible for the financing, design, construction and operation of each of the three precincts, including tenant and asset management, while Homes Victoria retains ownership of each development.

Icon Chief Executive Evan Byrne said “we recognise modern and sustainable social housing is a priority for Homes Victoria and the people of Victoria and we are excited about transforming some of Melbourne’s oldest public housing precincts into high-quality, sustainable communities with modern and energy efficient homes.

“The Building Communities consortium brings together a perfect blend of expertise, experience and capability to produce world-class social housing.”

Icon’s involvement in the project is reflective of the company’s commitment to building high-end residential communities.

The Tier 1 builder is currently delivering Grocon’s first Home Residential build-to-rent complex on City Road in Southbank, a 61-storey residential tower. 

It is also expected that Icon will compete for a build-to-rent development by Assemble Communities in Kensington with plans to create 400 dwellings. 

Icon’s involvement with the state government recently includes securing the contract for the $90 million Bendigo GovHub in a joint venture alongside Fairbrother. 

The Tier 1 builder’s involvement in the project also reflects the company’s effort to diversify its pipeline, with the appointment of Daniel Crawley as State Manager for Victoria also highlighting a strengthened focus on public-interest projects such as healthcare sector builds. 

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