The Queensland Government has announced partnerships with two developers for their Build-to-Rent Pilot Project.
Frasers Property and Mirvac will work with the government to deliver affordable key-worker housing options to the inner-city.
Under the pilot project agreement, Frasers Property will develop 354 apartments on a 2020sq m site in Fortitude Valley.
The State Government will subsidise the rental of 144, or 40 per cent, of the apartments by 25 per cent. The remaining 210 apartments in the building will be offered at market rental with all apartments enjoying the same high standards of finish and amenity access.
Mirvac will deliver approximately 390 high quality rental apartments, together with over 3000sq m of indoor and outdoor amenity.
Ninety-nine affordable housing apartments are included in the proposed scheme, which will be offered to eligible tenants at a 25 per cent discount to market rent.
“This BTR project will set a benchmark in quality and a model which will encourage further partnerships between government and the private sector and stimulate institutional investment in this new asset class,” Chief Executive Officer of Frasers Property Australia, Anthony Boyd said.
“The outcome will be a greater diversity and supply of affordable rental housing and that’s a positive thing for the community and the economy.
“Frasers Property is delighted to have the opportunity to draw upon its vast community design, development, hospitality and investment management expertise and its experience collaborating with governments both in Queensland and nationally, to deliver more affordable and quality lifestyle options for Queenslanders in the Brisbane CBD,” he stated.
Mirvac’s CEO and Managing Director, Susan Lloyd-Hurwitz said, the company was delighted at the opportunity to partner with the Queensland Government to facilitate the establishment and growth of the BTR sector as a viable long-term property asset class in Queensland.
“And we are even more delighted to work with the government on a model that could transform the provision of affordable housing for key workers such as nurses, teachers and police,” Ms Lloyd-Hurwitz continued.
“The opportunity to provide Mirvac quality to a deserving group of renters is exciting and aligns perfectly with our purpose to reimagine urban life.”
