This article is from the Australian Property Journal archive
THE first tenants have started moving into 130 new affordable apartments in Sydney’s Macquarie Park, the first to be delivered through a $250 million funding agreement between Housing Australia and the NSW Land and Housing Corporation (LAHC).
The Midtown MacPark tenants include key workers employed at the nearby Macquarie University precinct.
The redevelopment project is transforming an 8.2-hectare social housing estate into a community with a mix of social, affordable and private homes. Part of the NSW government’s former Communities Plus program and developed by Frasers Property Australia, it will deliver 3,300 new homes over 10 to 12 years, including 954 new social and 130 affordable homes.
The new precinct also includes a town plaza, shops, cafes and restaurants; 2.8 hectares of open space with green parks, a skate park and a playground, a primary school and childcare centres.
Housing Australia provided a $67.9 million Affordable Housing Bond Aggregator (AHBA) loan to community housing provider Mission Australia (MA) to purchase a residential tower completed in stage one of the redevelopment, with 130 one, two and three-bedroom affordable homes.
MA will manage the 954 social housing dwellings in the new community on behalf of LAHC, and will deliver a range of support services and programs on-site.
In addition to the AHBA funding, Housing Australia provided $42 million in loans and grants through the National Housing Infrastructure Facility for roads, service infrastructure and civil works.
“Midtown MacPark is a wonderful example of how partnerships between federal and state governments, private developers and the community housing sector can deliver social and affordable housing for those who most need it,” said Housing Australia CEO Nathan Dal Bon said.
Mission Australia CEO Sharon Callister said the housing provider’s focus “from day one has been on building a welcoming community where all Midtown residents can thrive”.
“Together, we aren’t just delivering new housing; we’re creating a cohesive and inclusive community where everyone is welcome, feels connected and shares a sense of belonging.”
