AFR on Local: Box Hill's affordable rentals, no subsidy required

AFR on Local: Box Hill's affordable rentals, no subsidy required

The Australian Financial Review has taken a close look at Local: Box Hill and how we’re opening up more affordable rental homes in a private build to rent building.‍

Read the full article in the Australian Financial Review: “How this apartment building offers affordable rentals with no subsidy” by Michael Bleby (12 July 2026):

What is Local: Box Hill?

Local: Box Hill is a build to rent apartment community in Melbourne’s eastern suburbs. It’s designed for long‑term renters who want stability, good neighbours and a place that feels like home.

At Local: Box Hill you’ll find:

• 425 apartments in one community
• A mix of one, two and three bedroom homes
• Residents on market rent, affordable rent, social housing and specialist disability housing, all in the same building

It’s the sort of place where you start recognising faces in the lift and know which neighbour’s dog loves a pat.

How affordable rentals work at Local: Box Hill

Affordable homes at Local: Box Hill are designed for people who’d usually be priced out of the area.

Here’s how they work:

• 33 apartments at Local: Box Hill are set aside as affordable homes
• Eligible residents pay around 25% less than typical Box Hill rents for similar apartments
• Affordable homes are mixed through the building, not tucked away on a separate floor or entrance

From the outside, there’s no difference. Same front door, same mailbox, same walk to the tram. Just a rent level that makes life a bit more manageable.

How Local: Box Hill is funded and structured

Making rent more affordable is about how a building is set up and financed.

At Local: Box Hill, a few key pieces come together:

• A partnership with Storey Residential, a community housing provider, so some homes qualify for land tax and GST concessions
• Long‑term institutional funding at a lower cost of debt, which helps keep Local: Box Hill in rental use for the long haul
• A focus on high, stable occupancy and fair market rents across the rest of Local: Box Hill, which helps support the discounted homes

It’s not a single big lever. It’s lots of smaller decisions lining up so more residents can stay in the neighbourhood they know.

Why affordable rentals at Local: Box Hill matter

Too many people struggle to find safe, secure housing that fits their budget. Local: Box Hill is one way we’re trying to shift that.

Affordable rentals at Local: Box Hill mean:

• More people can stay close to work, family and their usual coffee spot, instead of moving further out
• Residents in affordable, social and specialist disability homes are part of the same community as everyone else
• Impact housing is built into our pipeline, with Local: Box Hill showing how affordable homes can sit comfortably within a larger rental building

Our dream is a world where everyone feels like a Local. Local: Box Hill is one of the places where that idea is starting to look real, day to day.

Renting at Local: Box Hill

Thinking about renting at Local: Box Hill?

Here’s what that can mean in everyday life:

• A professionally managed building where long‑term renting is the plan, not the exception
• A mix of neighbours at different life stages and income levels, sharing the same spaces
• The chance to stay put, build routines and feel part of the area rather than moving every lease cycle

For us, “the mission matters” isn’t just a value on a poster. It’s things like Local: Box Hill, where the way a building is funded and run can give more people a genuine option to live where they want.