According to the NSW government, renters and social housing tenants will be among the first to benefit from the state’s first Build-to-Rent model – part of the largest social and affordable building program in the country, known as Communities Plus.
State minister for Social Housing Pru Goward says the Redfern Communities Plus site would be the nation’s first ever Build-to-Rent housing model to integrate social and affordable housing with housing supply for the broader community.
“This model is a great addition to Communities Plus – increasing housing supply for people looking to rent as well as supporting vulnerable people in need of social and affordable housing,” says Goward.
“Communities Plus sites are first-class in their design and integration and the Redfern site is no different - a stone’s throw away from the CBD, close to transport, TAFE, universities and endless job opportunities.”
Goward also says that “Under this innovative approach, we are able to provide Government-owned land to investors under a 40-year lease and at the end of the term, the asset is retained by the Government.”
CEO of the NSW Federation of Housing Associations Wendy Hayhurst says, “This is a sign that it’s not business as usual in NSW. It is fantastic that the NSW Government is looking at new models for delivering homes in central locations for people priced out of home ownership and finding it hard to get good quality and secure rental homes.
“Mixing build to rent, social housing and affordable housing together in a well-designed, planned way is exactly what’s needed to create lively, sustainable and diverse communities,” she says.
According to reports, the Redfern site, opposite Redfern Oval at 600-660 Elizabeth Street, which will integrate social housing with housing supply for the broader community.
In April, the South African-listed Investec became the first developer to flag interest in the site after completing a "rent-then-buy" affordable housing project in Adelaide for 86-dwellings.
Communities Plus says that it will deliver up to 23,500 new and replacement social and affordable housing dwellings and up to 40,000 private homes over the next 10 years across NSW across sites that will include Waterloo, Arncliffe, Telopea, Riverwood, and Villawood.
Under the Communities Plus model, some 70 percent of the houses will be sold on the open market with the remaining 30 percent allocated for social and affordable housing.