Partnering with industry to deliver affordable rental housing to more Queenslanders
What is Build-to-Rent?
Build-to-Rent is typically large-scale residential property which has been specifically designed, built and managed as a single asset for long term ownership and rental. Build-to-Rent developments seek returns from long-term rental income, rather than up-front sales or capital growth, driving an increased focus on tenant experience and satisfaction. Build-to-Rent targets the growing renter market seeking secure long-term rentals with increased amenity.
In Australia there is growing interest in large scale Build-to-Rent projects that incorporate both affordable and market rentals.
Build-to-Rent Pilot Project
The Pilot Project will provide a targeted rental subsidy to deliver affordable and market rental housing within the Build-to-Rent developments in Brisbane.
The final developments are expected to provide all residents with a high amenity rental experience, access to transport and employment nodes and premium service delivery.
The Pilot Project will initially target delivery of developments on privately owned land at the cost and risk of the successful proponent.
The Queensland Government has approved two Brisbane-based affordable housing projects by developers following a Request for Detailed Proposals from shortlisted applicants from the Expression of Interest Phase of the Pilot Project:
- Frasers Property at 210 Brunswick Street Fortitude Valley
- Mirvac at 60 Skyring Terrace, Newstead.
These properties combined will offer almost 750 apartments in total with up to 240 dwellings to be provided at a discounted rent.
It is anticipated construction will commence mid-2021 following the finalisation of designs for the projects, with operations expected to commence in 2023.
The Queensland Government has also expanded the Pilot Project with two new tender processes:
- Expressions of Interest are 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 Childrens Court, 50 Quay Street. Further information regarding this process is located on the QTender website. Submissions will be accepted until 12pm, 9 April 2021.
- Expressions of Interest are also being sought from proponents capable of delivering a Build-to-Rent development with an affordable housing component on a privately-owned inner Brisbane site. Further information regarding this process can be found on the QTender website. Submissions will be accepted until 12pm, 7 May 2021.