Media release: Clayton Utz assists Homes Victoria in delivering major affordable housing project

15 Nov 2023
1.5 minutes

Clayton Utz is proud to have supported Homes Victoria and the broader Victorian Government team in achieving the successful financial close of the Ground Lease Model 2 Project. The Project will deliver more than 650 new social housing homes, more than 180 affordable homes, around 470 market rental homes to boost rental supply, and more than 50 specialist disability accommodation homes across South Yarra, Prahran, Hampton East and Port Melbourne.

The Project is being delivered as a public-private partnership, awarded to a not-for-profit consortium comprising Tetris Capital (sponsor, investor and asset manager), Icon SI (Aus) Pty Ltd (builder), Community Housing (Vic) Limited (services provider) together with specialist service providers Women’s Property Initiatives Ltd and Aboriginal Community Housing (Vic) Limited, Abrdn and Invesis (investors) and Housing Australia, SMBC and ANZ (lenders), who have been contracted by Homes Victoria to finance, design, construct, and maintain the dwellings for 40 years following construction completion.

Core Clayton Utz team members included: Partners Jo Pugsley, Marcus Davenport, Natalie Speranza, Special Counsels Daina Richmond, Annabelle Holcombe, Peonie Gebbie, and lawyers Tim Weller and Pip Cole.

Commenting on the deal, Jo Pugsley said:

Ensuring that all members of our community have access to safe and affordable housing is a fundamental human right and a moral imperative. The Ground Lease Model 2 Project takes us closer to that goal providing housing for hundreds of some of the most vulnerable members of our community once completion is achieved - scheduled to be the end of 2026. It has been an honour and privilege to have been afforded the opportunity to advise Homes Victoria on this project, the successful closing of which is testament to the hard work and dedication of all participants. Congratulations to all.

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