The Queensland Government is partnering with the construction industry to deliver affordable rental housing through new Build-to-Rent developments.
Build-to-rent fast facts
- Build-to-Rent developments are usually large-scale residential properties specifically designed, built and managed for long-term ownership and rental.
- Build-to-Rent developments generate long-term rental income for developers, rather than up-front sales or capital growth, driving an increased focus on residential tenants. The developments target the growing renter market seeking secure, long-term rentals.
- Build-to-Rent provides an opportunity for government to partner with the private sector to deliver discount-to-market affordable rental homes which can help workers find a home closer to their job.
Build-to-Rent in Queensland
The Queensland Government’s Build-to-Rent Pilot Project will provide affordable and secure housing for more Queenslanders, and drive investment in the construction sector.
A targeted rental subsidy will be provided to deliver affordable and market rental housing within the Build-to-Rent developments in Brisbane. 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 initially targeted developments on privately owned land at the cost and risk of the successful proponent, and has now expanded to include an expression of interest on a state-owned site.
The Project is expected to attract different investment and developer markets to typical residential property development and deliver a better long-term rental environment for future tenants and surrounding areas.
Pilot project – approved projects
The Queensland Government has approved two Brisbane-based affordable housing projects by developers:
- Frasers Property at 210 Brunswick Street Fortitude Valley
- Mirvac at 60 Skyring Terrace, Newstead.
Combined, these properties will offer almost 750 apartments in total with up to 240 dwellings to be provided at a discounted rent.
Construction is anticipated to commence in 2021 following the finalisation of designs for the projects, with tenants expected to be able to access the housing in late 2023.