Providence Leads The Way In Integrated Housing

1 November 2010

PROVIDENCE LEADS THE WAY IN INTEGRATED HOUSING
A new allocation of 1296 NRAS incentives has positioned Providence Housing as the
leading developer of affordable housing in Victoria.
Providence Housing's initial project, Casey Gardens Narre Warren, is due to commence in
January 2011 and will provide a further 401 NRAS-supported homes for Victorians.
Executive director Mr Bruce Barron welcomed the Federal and State Government
announcement that Providence had been awarded the latest tranche of NRAS incentives.
"This represents a significant endorsement of Providence's approach to redressing the
shortage of rental properties available to low and moderate income families and individuals,"
Mr Barron said.
"The additional allocation enhances Providence Housing's offer of project investment to
institutional investors and private wealth managers by providing a pipeline of projects which
will further reduce risk and increase opportunity for capital growth.
"We deliver integrated housing at scale and we are able to do that through the combination
of planning, building, real estate, development, legal, financing, investment management
and other technical skills under the one umbrella.
"This integration strategy produces quality and cost-effective housing outcomes that are both
socially desirable and prime property investment opportunities for investors."
Providence Housing is a Melbourne-based private company formed specifically to address
the high demand for affordable housing. The key to Providence's approach is the integration
of housing style, tenure type and household composition across a diverse range of localities,
cities and states.
The company's foundation project is the $160 million, 530-unit Casey Gardens development
at Narre Warren, south-east of Melbourne.
Designed for a diverse range of groups living in the high-growth City of Casey, the eight-
building complex of studios, one, two and three-bedroom apartments has integrated within it
401 NRAS-supported dwellings and community and recreational facilities.
Tenancy and place management is being provided by MA Housing, a specialist housing
offshoot of Mission Australia.
Mr Barron said planning had already begun on the new NRAS-based projects.




These are:
A high-rise development in Cheltenham, that will include 147 NRAS-supported
homes.
Mid-rise residential buildings within the Revitalising Central Dandenong urban renewal
project, incorporating 217 NRAS apartments, and including commercial space and
community facilities.
Two sites at Footscray, near Victoria University, providing 413 NRAS studio and one-
bedroom apartments. The development will include a high-rise, mixed-use building that
will have administration, community and retail facilities.
A high-rise development in the Frankston CBD including 165 NRAS dwellings within a
range of studios to two bedroom apartments. The building will include retail outlets,
communal spaces and administation offices on the ground floor
Mid and high-rise residential development on two sites at Ringwood providing 172
and 182 NRAS dwellings respectively.
Mr Barron said Providence Housing projects, based on a sustainable residential investment
model, offered investors superior returns enhanced by NRAS in a low risk sector.
Key features of Providence Housing projects include:
NRAS and other government incentives supplementing investment returns.
Community and asset management provided by registered housing associations and
growth providers.
Comprehensive divestment strategy which includes a Rent-to-Buy program.
Supply shortage leading to higher capital growth.
High rental demand, low vacancy, high rental growth.
High Social Responsibility characteristics.
Reputable development and management team with strong, transparent governance.
"Providence Housing believes that positive housing outcomes are achieved by undertaking
an integrated approach that includes housing that spans the affordability spectrum, tenure
characteristics and ownership ratios within one development," Mr Barron said.
"Further, we believe that by gradually increasing the element of supported owner-occupation
within the developments, we pave the way for residents to achieve the great Australian
Dream of home ownership."
Contacts:
Bruce Barron
Executive Director, Providence Housing
03 8676 0212
0428 652 371
[email protected]
www.providencehousing.com.au