Homes Victoria Ground Lease Model Project 2

Homes Victoria’s second Ground Lease Model project will deliver 1,370 new social, affordable, market and specialist disability homes across Homes Victoria owned sites in South Yarra, Prahran, Hampton East, and Port Melbourne.

Project name

Ground Lease Model 2 – South Yarra, Prahran, Hampton East and Port Melbourne


Contract Let

Department and agency

Homes Victoria (Department of Families, Fairness and Housing)


Homes Victoria has partnered with the community housing and private sectors to deliver 1,370 new homes at the following Homes Victoria-owned sites:

  • Horace Petty Estate in South Yarra
  • Essex Street in Prahran
  • Bluff Road in Hampton East
  • Barak Beacon Estate in Port Melbourne.

The new homes will consist of 659 social homes, 182 affordable homes, and 529 market rental homes, including 56 homes dedicated to Specialist Disability Accommodation.

The contract for the project has been awarded to the Building Even Better Communities Consortium, comprising Tetris Capital, Icon Construction, Community Housing (Vic) Limited, Women’s Property Initiative Limited and Aboriginal Community Housing (Vic) Limited.

The project will be delivered as an availability public-private partnership under a Ground Lease Model in accordance with the Partnerships Victoria framework. The consortium will finance, design, construct and manage the sites for 40 years, before handing all dwellings back to Homes Victoria. Construction for the main works across all sites is expected to be completed by the end of 2026.

This is consistent with the Public-Private Partnership model being used to build 1,110 social, affordable and market rental homes in Brighton, Prahran, and Flemington (Ground Lease Model 1).

The project is being delivered as part of Victoria’s Big Housing Build, which is the largest single investment in social and affordable housing by any government in Australia.

Homes Victoria, as the lead agency, will oversee the delivery of the project.

Contact information

Website: Homes Victoria - Ground Lease Model


Relevant links

Buying for Victoria: Contract 

Reviewed 04/04/2024
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