Gipps Street, Melbourne
Developer: Common Equity Housing Ltd
Location: Abbotsford, Victoria
Number and type of affordable/social housing dwellings: The development provides 59 units; 25 of which have been retained by Common Equity Housing Ltd. 6 apartments were also purchased by disability housing providers, the Transport Accident Commission (TAC) and Summer Foundation. The Summer Foundation is committed to resolve the issue of young people living in nursing homes.
Area of housing continuum: Social co-operative housing
Housing costs: The social/private composition of the development has encouraged community integration and enabled CEHL to deliver the affordable housing units on a cash neutral basis (i.e net profits from the sale of the private units have been channelled into CEHL's capital exposure on the project).
Program partners: Becon Construction. Trade alliances were made with Caroma Dorf, Godfrey Hirst Carpets, Technika Appliances, CBS Blinds, Laminex and Johnson Tiles.
Program value: $30 million (approximately)
How was it delivered: Private ownership underpinned the financial viability of the project, and the overall delivery has been a resounding success and establishes a clear model for providing social housing in mixed tenure developments into the future.
Funding: This project was funded jointly by Common Equity Housing Limited, the Victorian Department of Human Services and the Federal Government (NRAS).
How is affordability ensured long term: Community Housing Provider manages tenancies within development.
Awards: Urban Development Institute of Australia - Best Affordable Development 2013