The Queensland government has expanded their pilot program designed to deliver affordable rental properties by seeking Expressions of Interest (EOI) from industry for two additional build-to-rent projects.
The latest tender processes follow the approval of two Brisbane-based affordable housing projects last year as part of the pilot program. These include 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. Up to 240 dwellings will be made available at a discounted rent at these developments.
Construction will begin mid-2021 following the finalisation of designs for the projects, with operations expected to commence in 2023.
The Queensland government’s build-to-rent pilot project aims to provide a targeted rental subsidy to deliver affordable housing within build-to-rent developments in Brisbane. These projects will provide all residents with a high amenity rental experience, access to transport and employment nodes, and premium service delivery.
For the next phase of the pilot program, EOI is being sought from proponents capable of delivering a build-to-rent development with an affordable housing component on the state-owned site of the former Children’s Court at 50 Quay Street. The second project will be on a privately-owned site at an inner Brisbane location.
According to State treasurer Cameron Dick, the new build-to-rent projects will not only create more housing close to CBD jobs, but also drive more economic activity and create construction jobs around the CBD as part of the Palaszczuk Government’s Economic Recovery Plan for COVID-19.
“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.
“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,” he added.