Perifa’s Affordable Balmain Homes Win State Security

Developer Perifa has landed the first win under the NSW government’s Pre-sale Finance Guarantee, securing support for 32 off-the-plan homes in a $285-million, 225-apartment project.

The Guarantee will back 32 of the 59 affordable homes at the Rozelle Village complex, under development at the former Balmain Leagues Club.

Under that backing, the government will acquire the homes if the required level of pre-sales is not reached by project completion, currently forecast for 2028. As the homes are affordable, a community housing manager would be the expected offtake contractor.

Perifa managing director Fabrizio Perilli said that the development is already receiving strong demand “with pre-sales for market homes exceeding expectations”.

“As the first developer to be accepted into the NSW Government Pre-Sale Finance Guarantee, we are now able to accelerate construction of these much-needed homes, while working to secure the right Community Housing Provider, ensuring long-term social impact and community benefit,” Perilli said.

The scheme launched in October 2025, with a third of the 31 expressions of interest invited to submit full applications. Around 350 homes fall under those applications, equivalent to about $100 million in financial support. 

The scope of the Pre-sale Finance Guarantee allows support of up to 50 per cent of homes in a given project, with between $5 and $50 million allocated at a per-home cost basis of up to $2 million each.

Up to $1 billion of homes will be supported over the next five years, with funds revolving through the scheme as completions occur.

The Balmain Leagues Club redevelopment has had a troubled history, with the site vacant since 2010. After purchasing in 2018, Heworth struggled to achieve a 227-apartment plan, using the State Significant Development pathway and uplift from an affordable housing component. 

▲ The Rozelle Village precinct has been 15 years in the making, but Perifa has accelerated progress since acquisition in 2025.

A court battle with Transport for NSW, over a potential compulsory acquisition for the Western Harbour Tunnel which fell through, also hampered Heworth’s efforts. In 2022, a fire at the site while under the control of Transport for NSW added to the dereliction, damages and delays.

Perifa acquired the site and project in March 2025, with backing from Mitsubishi Investment Partners, in an off-market transaction with an unreported value. Two months later, Perifa received approval for the upscaled Heworth plans.

Alongside the residential component, the Rozelle Village will also include retail and community elements, including a new facility for the Wests Tigers rugby league club. Inner West mayor Darcy Byrne has long been a vocal supporter of the club, most recently calling on the NSW government to place the controlling Holman Barnes Group into administration. 

Board turmoil, including a coup removing former NSW premier Barry O’Farrell, was the catalyst for that action. Meanwhile, Holman Barnes is progressing a $95-million hotel development at the site of Wests Ashfield, also associated with the club. 

Perifa, in association with Abadeen, is constructing the $300-million, 67-home Putney Wharf heritage adaptation in Ryde. Plans are also under way for an eight-storey mixed-use medical and residential project in Perth.