NSW Government announces first government-initiated build to rent project, with EOI process to start soon
In a welcome move, the NSW Government has announced Australia's first build-to-rent mixed housing model to integrate social and affordable housing, creating an exciting opportunity for investors and developers.
The project, situated in the inner city of Sydney at 600-660 Elizabeth St, Redfern, will be leased under a long-term lease, with 30% social to 70% affordable housing. Importantly, as this is a Communities Plus project, it will be exempt from land tax.
Communities Plus, the largest social and affordable building program in the country, 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, and the Redfern project will no doubt be an important model for future build-to-rent projects in NSW, and the nation.
The Expression of Interest process will begin in late July, to be followed by a Request for Proposal process to appoint a partner for the redevelopment of the site using the build-to-rent model. Investors and developers should be looking now at the opportunities in this project, and getting ready for the EOI and RFP processes.