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Tuesday, May 28, 2024

Build-to-rent boom for Brisbane

Two new affordable housing projects are set to be built in inner Brisbane under the state government’s 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.

“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.”

He said the two Build-to-Rent projects were in addition to the Frasers Property’s development at 210 Brunswick Street and Mirvac’s development at 60 Skyring Terrace, which were 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,” said Mr Dick.

The Treasurer said the EOI would provide prospective participants the opportunity to demonstrate their suitability to be part of the 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 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.

Expressions of Interest for both Build-to-Rent projects open today.

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/.

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