Prime Minister Anthony Albanese visits innovative affordable housing development in Westmead

22 May 2024

AXA IM Alts and SGCH, together with project partners Deicorp and Housing Australia, hosted Prime Minister Anthony Albanese, Treasurer Jim Chalmers, and Minister for Housing The Hon. Julie Collins MP at the site of a pioneering housing development under construction in Westmead.

This transformative Build to Rent (BTR) project, set to provide 397 dwellings with a balanced mix of market and affordable housing, marks a significant step towards addressing Australia’s housing shortage.

The development will house more than 1,000 Sydneysiders, offering 50 per cent market-rate housing and 50 per cent affordable housing for low and moderate income earners and key workers such as healthcare workers, teachers, and emergency responders.

The Westmead project is the first to be developed as part of a long-term strategic partnership between AXA IM Alts and SGCH that has been supported by a $300 million senior debt umbrella facility from Housing Australia.

Scott Langford, Group CEO of SGCH, emphasised the importance of government support to encourage institutional investment into affordable housing. “The scale of demand for well located, sustainable and affordable living options is unprecedented and meeting this need has significant social and economic benefits. We were delighted to show the Prime Minister, Treasurer, and Minister Julie Collins what can be achieved when government support for partnerships like this catalyses investment at scale. Together we can bring together capital and capability to have a big impact.”

The visit underscores the government’s commitment to supporting innovative housing solutions and the vital role of public-private partnerships in tackling the housing crisis. The AXA IM Alts and SGCH partnership is positioned to attract significant investment from domestic superannuation funds and global investors, strengthening Australia’s housing market with increased diversity and affordable housing.

Federal Housing Minister Julie Collins said: “Our Government is proud to be backing this project, which will give more key workers an affordable place to call home.   

“The partnership delivering these homes is a great example of the collaboration that is required to address Australia’s housing challenges.

“Through our Government’s $32 billion Homes for Australia plan we will build more homes like these, more quickly, in all parts of Australia.”

Fouad Deiri OAM, Founder and Chairman of Deicorp reinforced the role that the private sector can play in helping meet the need for new housing, and affordable housing in particular.

“Developers like Deicorp stand ready to work with government, private capital and the community sector to deliver homes for essential workers and moderate income families.

“The Westmead project demonstrates the strong outcomes that can flow when everyone is pulling together in the same direction.”

About the AXA IM Alts Westmead development

3 Farmhouse Road, Westmead

Key dates

  • November 2022: Project construction commenced
  • Late 2025: Expected completion


The Westmead development is strategically located adjacent to the new Westmead Health and Innovation Precinct, one of the largest health, education, research, and training precincts in Australia, and will significantly increase access to affordable housing for key workers in Western Sydney.

Overview of the AXA IM Alts, SGCH and Housing Australia partnership

In November 2022 AXA IM Alts, a global leader in alternative investments, launched its Australian Build-to-Rent (BTR) strategy in collaboration with St George Community Housing (SGCH). Housing Australia (formerly NHFIC) provided a A$300 million umbrella facility to support the partnership in delivering social and affordable housing. The Westmead project, managed by SGCH and executed by renowned builder Deicorp, represents a ground-breaking initiative, demonstrating the first-ever collaboration between Housing Australia, a community housing provider, and institutional capital to deliver affordable housing at scale.

Key stakeholders

  • AXA IM Alts: A global leader in alternative investments, committing to affordable rental housing in Australia through its BTR strategy.
  • SGCH: NSW’s largest community housing provider who will manage all aspects of the building once it is complete
  • Housing Australia (formerly NHFIC): Provided a A$300 million umbrella facility in a catalytic role to mobilise institutional investment for the delivery of affordable housing
  • Deicorp: a privately owned property development and construction company

Environmental impact

With a commitment to sustainability, the property is projected to achieve operational net zero and a 5-star Green Star rating upon completion in 2025. This aligns with international standards, equivalent to the BREEAM Excellent rating, showcasing AXA’s dedication to environmentally responsible development.

Building specifications

The project comprises five towers, offering a total of 397 units with a mix of market and key worker rentals. The towers vary in height and specifications

  • Tower 1 (D1): 24 storeys of liveable space + 1 ground floor
  • Tower 2 (D): 6 storeys of liveable space, with 2 storeys of roof space (8 storeys total)
  • Tower 3 (E1): 9 storeys of units with 2 storeys of roof (11 storeys total)
  • Tower 4 (E2): 11 storeys of units (including Lower Ground), with 1 storey of roof (12 storeys total)
  • Tower 5 (F): 15 storeys of liveable space (including Lower Ground) with one storey of roof (16 storeys total)