The ACT Government’s Suburban Land Agency has released for sale a prime site in the inner-north suburb of Turner for a dedicated build-to-rent development.
Situated in an ideal location on Northbourne Avenue, Canberra’s main gateway, Block 3 Section 57, Turner, offers a great opportunity for the build-to-rent model in Canberra.
Placed right on Canberra’s light rail, close to the CBD and the thriving Braddon precinct, this site has great potential for the establishment of a vibrant rental community.
Shops, services, universities, and green spaces are nearby, with easy access to Canberra’s airport.
As the ACT Government’s first land release for build-to-rent, Block 3 Section 57 at Turner is being offered for sale via a tender process.
The site of more than 7000sq m will be required to have at least 270 dwellings and 15 per cent of these to be offered as affordable rental dwellings.
The ACT Government is offering a subsidy to support the provision of the affordable rental dwellings, Suburban Land Agency Housing Choice program manager Jessica Hillcrest said.
“We know there is opportunity to improve the range of housing options available in Canberra, and build-to-rent is just one of the ways we are looking to increase the number of rental options in our community,” Hillcrest said.
“We’re inviting build-to-rent developers, investors, experienced rental operators and community housing providers to participate in this process.”
The ACT Government is focused on the potential of build-to-rent as it can provide long-lasting community benefits with greater housing choice, bolstering available rental options in the nation’s capital.
Build-to-rent is increasingly emerging as an asset class around Australia, and typically involves the construction of multi-unit housing that is owned long-term by a single owner with the goal of generating steady long-term income.
Build-to-rent developments are usually designed with high-quality common spaces and extra services for residents.
Suburban Land Agency Built Form and Divestment executive director Nicholas Holt said it was pleasing to be able to bring this key site to market.
“It is such a fantastic location with so much potential for build-to-rent and offers a great investment opportunity,” he said.
Build-to-rent offers wider social and economic benefits, through additional rental supply and as tenants are better able to establish themselves in a community.
Canberra has a stable workforce with high median incomes, and tax settings which support the Build-to-Rent model.
To find out more about build-to-rent and the sale of Block 3 Section 57 at Turner, visit www.suburbanland.act.gov.au/en/build-to-rent-turner
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