Build-to-Rent developer sought to transform former court site
Published Friday, 15 January, 2021 at 11:14 AM
Treasurer and Minister for Investment
The Honourable Cameron Dick
Two new affordable housing projects are set to be built in inner Brisbane after the Palaszczuk Government started two more procurement processes under its Build-to-Rent Program.
Treasurer Cameron Dick said that in addition to creating more housing close to CBD jobs, the new Build-to-Rent projects would drive more economic activity and create construction jobs around the CBD as part of the Palaszczuk Government’s Economic Recovery Plan for COVID-19.
“We know that secure, suitable housing can be vital to having a secure job, which is why I am so pleased the Government will be able to double the number of Build-to-Rent projects around the Brisbane CBD,” the Treasurer said.
“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.
“These Build-to-Rent projects are in addition to the Frasers Property’s development at 210 Brunswick Street and Mirvac’s development at 60 Skyring Terrace, which our Government approved last year.
“Having completed the highly successful first market process under the project in October, the time is right to begin expanding this project with further opportunities.”
The EOI will provide prospective participants the opportunity to demonstrate their suitability to be part of this innovative project in either transaction.
For the state-owned transaction, the State is offering the surplus State site at 50 Quay Street and a rent subsidy for the successful bidder to deliver an affordable housing component within their Build-to-Rent development.
For the privately-owned site transaction, the State will yet again be offering a targeted rental subsidy which will facilitate an affordable housing component within the successful bidder’s Build-to-Rent development.
“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,” the Treasurer said.
Minister for Communities and Housing, Minister for Digital Economy and Minister for the Arts Leeanne Enoch said both the State-owned site transaction and the privately-owned site transaction reflects the Palaszczuk Government’s dedicated commitment to providing affordable housing in Queensland.
“We provide a person-centred approach and access to safe and secure housing, which is critical to delivering quality living standards for Queensland workers and families,” Ms Enoch said.
“The Build-to-Rent Program will form part of Queensland’s economic recovery, helping provide quality affordable housing, for inner Brisbane workers and continue to bolster the local construction industry, supporting hundreds of vital local jobs.
“Build-to-Rent is part of our $1.8 billion Queensland Housing Strategy, which will deliver 1,034 new affordable homes and 4,522 new social homes across Queensland.
“By working with the private sector, the Palaszczuk Government will be able to achieve good value delivering affordable rental housing while stimulating much needed investment in the construction and property industries.”
Expressions of Interest for both Build-to-Rent projects open Friday 15 January.
Further information about the Build-to-Rent Pilot Project can be found at: https://www.treasury.qld.gov.au/growing-queensland/build-to-rent-pilot-project/.
Media Contact: Geoff Breusch : 0417 272 875
Build-to-Rent involves government partnering with the private construction sector to deliver lower-cost rental homes which can assist key workers find homes close to their employment.
These are usually large-scale residential properties which have been 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.
Build-to-Rent targets the growing renter market seeking secure long-term.