EG is partnering with Southern Cross Community Housing to deliver a $150 million flagship social and affordable housing precinct in Bomaderry, New South Wales.
The shared vision for the 8.2-hectare site at 25 Moss Vale Road comprises up to 350 dwellings and amenities around a town centre including a medical centre, childcare, community retail, food and beverage operators, and social enterprise businesses. The project will offer a comprehensive range of housing options including social, affordable, private and key worker housing, independent living for aged care, specialist disability accommodation, and build-to-rent stock. It will be a landmark development that will make a significant impact on the housing supply crisis in the Shoalhaven area and set the standard for how to address this serious community problem across NSW.
The partnership will see EG deploy its industry-leading skills as a fund manager and property developer to deliver planning and project expertise across all stages of development on behalf of one of the leading social and affordable Community Housing Providers in NSW.
“This project is much more than affordable housing, it will be an integrated neighbourhood promoting community cohesion built on ESG principles. This precinct will include social enterprise businesses which will provide affordable goods and services to local residents in an area that has been gripped by a dire housing crisis for more than a decade,” said Southern Cross Housing CEO, Alex Pontello.
“Our partnership with EG gives us insight into master planned-community building. It is also an opportunity to maximise everything that this site has to offer and increase the availability of affordable housing for key workers and young families. This includes the flexibility to reconfigure our extensive existing local portfolio so we can be confident our customers’ needs are being met with those most appropriate housing solutions.”
EG’s Founding Director and Executive Chairman, Dr Michael Easson AM added, “This is just the start for EG to extend our philosophy of building in good to diverse communities.”
“We are entering the NFP community housing space in order to make a difference to the quality and quantity of housing outcomes – both in the built form and precinct development. It’s a great joy to venture on that journey with Southern Cross Housing, a partner who shares our drive to make a difference through innovation.”
Southern Cross Housing is a Tier 1 Community Housing Provider founded in Shoalhaven in 1983 and has grown to manage over 2,300 properties spanning the south east of NSW from Wollongong to Eden across to Cooma and Jindabyne. A major regional provider with its head office located in Nowra and service centres in Ulladulla, Batemans May, Bomaderry, Bega and Cooma. Southern Cross Housing has developed a proud reputation for service excellence and innovation by committing to sector development over several decades.
Founded in 2000, EG has $5.1 billion under management on behalf of super funds and private wealth clients to generate outstanding returns with lasting social impact. With $3.9 billion in development pipeline, and 16.7% per annum in realised IRR for institutional funds, EG is committed to finding a better path to better returns.