The Queensland government is calling for expressions of interest from industry for two major build-to-rent projects as part of a pilot program aimed at delivering affordable rental properties.
One of the developments will be built on the site of the former Children’s Court at 50 Quay Street, which is a state-owned property, and the other will be at an inner-city location on a private site to be identified by the successful proponent. The government is offering rent subsidies for both sited to facilitate the provision of affordable housing.
These follow two projects that were approved under the build-to-rent program last year: a dual-tower 333-unit development at 60 Skyring Terrace, Newstead, delivered by Mirvac; and a 354-apartment tower at 210 Brunswick Street, Fortitude Valley, delivered by Frasers Property.
State treasurer Cameron Dick said the new projects would creating more housing close to CBD jobs and give a boost to the construction industry.
“We know that secure, suitable housing can be vital to having a secure job, which is why I am so pleased the Government will be able to double the number of Build-to-Rent projects around the Brisbane CBD,” he said.
“For the first time, we are able to offer a Build-to-Rent site on state-owned property, the site of the former Children’s Court at 50 Quay Street.
“We’re also commencing an EOI process for another Build-to-Rent inner city Brisbane development with an affordable housing component on a suitable privately-owned site to be identified by the successful proponent.
“Having completed the highly successful first market process under the project in October, the time is right to begin expanding this project with further opportunities.”
“Through these two processes, the continued fostering of Build-to-Rent is expected to attract different investment and financing markets to residential property development and deliver a better living environment for future tenants and surrounding area,” the treasurer said.
Expressions of interest for both build-to-rent projects are now open.
