THE former site of the Children’s Court in Brisbane will make way for the first build-to-rent project on state-owned land in Queensland, one of two inner city sites that the state government is now seeking developers.
The new procurement processes form part of the state’s build-to-rent program, and are in addition to the Frasers Property project in Fortitude Valley and Mirvac’s development in Newstead that the Government approved last year.
For the state-owned transaction at 50 Quay St, the government is offering the surplus site and a rent subsidy for the successful bidder to deliver an affordable housing component within their build-to-rent development.
At the privately-owned site, a targeted rental subsidy will be offered that 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,” Treasurer Cameron Dick.
“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.”
He added that in addition to creating more housing close to CBD jobs, the new projects would drive more economic activity and create construction jobs around the CBD as part of the government’s economic recovery plan in response to the pandemic.
Build-to-rent forms part of the government’s $1.8 billion Queensland Housing Strategy, which aims to deliver 1,034 new affordable homes and 4,522 new social homes across Queensland. The previously announced Frasers and Mirvac developments will offer around 750 apartments in total, with up to 240 of the dwellings to be provided at a discounted rent.
State government incentives along the east coast has spurred development activity in the fledgling built-to-rent sector. Canadian giant Oxford Properties last month announced its first project in Melbourne, valued at $450 million, just one week after the Victorian government announced 50% land tax discounts for build-to-rent developments from 2022.
The move followed a similar initiative unveiled by the NSW government in July. Oxford is also developing the first build-to-rent site in Sydney’s CBD on Pitt Street South, above the Pitt Street Metro station.