This article is from the Australian Property Journal archive
THE Queensland Government will team up with Frasers Property Australia and Mirvac to deliver the first two affordable build to rent housing projects in Newstead and Fortitude Valley, as part of the Build to Rent Pilot Project.
Treasurer and Minister for Infrastructure and Planning Cameron Dick said the projects would create 440 jobs during construction over two years and provide affordable housing for workers and their families living in Brisbane.
“The Build-to-Rent properties in Fortitude Valley and Newstead will offer around 750 apartments in total, with up to 240 of the dwellings to be provided at a discounted rent.
“This will provide greater opportunities and improve the quality of life for Brisbane city workers and their families, who would otherwise be unable to afford to live close to their jobs,”
Dick said the two CBD fringe sites had been chosen based on proximity to amenities and major employment precincts.
“Frasers and Mirvac both have strong track records of delivering high quality construction projects here in Queensland and have been chosen following a competitive procurement process.
“Following the finalisation of designs for the two projects it is anticipated construction will commence in mid-2021,” he added.
The two sites are located at 210 Brunswick St, Fortitude Valley and 60 Skyring Terrace, Newstead.
210 Brunswick St Fortitude Valley
Minister for Education and Member for McConnel Grace Grace said the two developments would provide long-term residential security for locals.
“Build-to-Rent will provide secure, long-term rental accommodation for tenants who don’t necessarily qualify for access to social housing, but may struggle to live close to where they work.
“We will meet part of the rent cost for the affordable homes to allow a discounted market rate to be offered to eligible tenants like health and emergency service workers,” Grace said.
Frasers Property Australia’s CEO Anthony Boyd said this BTR project will set a benchmark in quality and a model which will encourage further partnerships between government and the private sector and stimulate institutional investment in this new asset class.
“The outcome will be a greater diversity and supply of affordable rental housing and that’s a positive thing for the community and the economy.” Boyd said.
Mirvac’s CEO Susan Lloyd-Hurwitz said the group are delighted to partner with the the government to facilitate the establishment and growth of the BTR sector as a viable long term property asset class in Queensland.
“And we are even more delighted to work with the government on a model that could transform the provision of affordable housing for key workers such as nurses, teachers and police. The opportunity to provide Mirvac quality to a deserving group of renters is exciting and aligns perfectly with our purpose to reimagine urban life.” Lloyd-Hurwitz said.
UDIA Queensland CEO Kirsty Chessher-Brown said this is initiative is a great way to provide affordable housing sustainably and in partnership with the private sector.
