AXA IM Alts has entered into an agreement to acquire a prime fringe-CBD development site at Adderley Street, Melbourne. The asset has been secured on behalf of AXA IM Alts’ Australian built-to-rent affordable housing strategy and will be developed into a 100-unit residential scheme providing a balanced mix of market and affordable rental housing.

This acquisition in Melbourne, once completed, will represent the strategy’s second investment in Australia, and its first in the state of Victoria. It follows the 400-unit project in Westmead, Western Sydney, expected to complete in the fourth quarter of 2025. It will provide geographic diversification to the portfolio and strengthen AXA IM Alts’ long-term commitment to delivering sustainable and affordable rental housing in Australia’s largest cities.

The development will offer a 50-50 split of market-rate and affordable rental units, supporting key workers such as healthcare professionals, teachers, police officers