Metrics Credit Partners lodges plans for 943 homes in Kensington

Metrics Credit Partners has lodged plans with Victoria’s Department of Transport and Planning for 943 homes on a 1.5-hectare site in Kensington’s Macaulay precinct, The Urban Developer reported on 12 March 2026. Metrics-linked entity Alfred and Boundary Pty Ltd lodged the application for 59-101 Alfred Street and 103-117 Boundary Road, in the City of Melbourne. It would nearly double an existing 519-home approval on the same land.

Why it matters

The site sits inside the Macaulay urban renewal precinct, about 3km north-west of the Melbourne CBD and within 400 metres of Macaulay and Flemington Bridge train stations. Metrics acquired the 1.5-hectare parcel, described by The Urban Developer as shovel-ready, at the end of 2024, taking on a site that already carried a 519-home approval for a scheme called the Tapestry Project, put forward by Orb Property Partners.

A planning report prepared by Tract Consultants and lodged with the new application said the existing approval was not viable to deliver in the current market, the stated basis for the 943-home proposal, branded Alfred Quarter. The application also lifts the affordable housing component to 16 per cent of the total yield, compared with five homes under the approved Tapestry plan.

The application remains before the Department of Transport and Planning. The Australian Developer attempted to confirm the current decision status through the state’s ministerial permits register, at the permit page cited below, but automated access to that record was blocked by a bot check at the time of publication. No approval has been confirmed. Until a determination is published, the 943-home figure describes a lodged proposal, not an approved yield, and this report does not use the word approved to describe it.

The numbers

Metrics plans three mixed-use buildings for the site, designed by Fender Katsalidis and Cera Stribley Architects and managed by Tango Projects. The first is a part-12, part-16-storey build-to-sell tower of 307 apartments with a supermarket and three retail tenancies on the ground floor. The second is a 15-storey build-to-rent building of 336 homes with a gym and coworking space. The third rises 16 storeys and is pitched as build-to-sell and affordable housing with ground-floor community space.

The scheme proposes 503 car parking spaces across above-ground podium levels and a 1,040 sqm central plaza. A heritage building on the site, known as Farrell’s Stables, would be retained and converted into a cafe. The affordable housing share would rise to 16 per cent of the proposed yield, up from five homes under the existing 519-home approval, a change Metrics attributes to the Tract Consultants finding that the approved scheme could not be delivered under current market conditions.

What’s next

The Australian Developer could not verify through the ministerial permits register whether the Department of Transport and Planning has determined the Alfred Quarter application. Readers should treat the 943-home figure as what Metrics has sought, not what has been granted, until a dated decision appears on the public record.

If approved, Alfred Quarter would combine build-to-sell, build-to-rent and affordable housing on one Macaulay site. For builders and consultants, that means three delivery models on a single precinct. The outcome will also test how the department treats a request to roughly double the yield on a site that already holds a live approval, rather than starting from an unapproved parcel. Our coverage of Melbourne development and deals is collected on our Melbourne market page.