[+] Parramatta: Build-to-Rent’s New Frontier

A significant light industrial parcel of land could be reimagined as a 483-apartment build-to-rent and affordable housing development if plans for a Harris Park property win approval. It is the second build-to-rent project proposed for the Parramatta area recently, after Novus signalled its intentions to develop a 34-storey 195-apartment tower at 41-43 Hassall Street. The $143-million proposal for 2A George Place at Harris Park in Parramatta has been brought forward by affordable housing provider Pacific Community Housing and Pacific Planning. More than half of the apartments are earmarked for affordable housing, with Pacific Community Housing lined up to manage the offering in Sydney’s growing second CBD. Hallmark Construction, the land owner, acquired the 2.94ha site in 2000 for about $4 million, according to RP Data. Planning documents show a concept design for three U-shaped buildings neighbouring a number of Parramatta’s heritage sites. Notably, this includes the heritage-listed Hambledon Cottage, which was built in 1824 by wool pioneer John Macarthur on the grounds of his Elizabeth Farm estate. ▲ A build-to-rent project slated for an industrial site at 2A George Place abuts the 1824 heritage-listed Hambledon Cottage. The NSW Government granted a site compatibility certificate for affordable housing on the industrial site in 2017, despite the City of Parramatta Council raising concerns around the “overdevelopment” of the low-density residential area and heritage impacts on Hambledon Cottage. Plans for the site include a mix of 483 one, two and three-bedroom build-to-rent apartments in a “strategically well positioned location” close to transport and services. “The site presents a unique opportunity to replace a large, redundant industrial complex with a new high quality, low rise, medium density residential project, containing a high proportion of affordable housing, into an historic parkland setting, located in close proximity to the Parramatta CBD,” the planning report says. “The large site is located within a triangle formed by three early Colonial NSW state-listed historic properties and by the escarpment backdrop of the central portion of the historic Clay Cliff Creek.” The Stanisic Architects-designed concept reimagines the disused former pharmaceutical assembly line for a well-positioned build-to-rent development bordering Parramatta’s city centre . It also includes substantial heritage consultation and Connecting to Country design principles and First Nations advice. “The architectural design concept is for three freestanding building forms that are arranged into an orthogonal layout of five fingers that vary in height from 4-8 storeys and adjust to the scale of the existing and future context, including remaining colonial cottages,” the design statement says. “The built form has been embedded within a parkland setting of courts and passages that creates a framework for permeable pedestrian movement to enable physical and visual connections to the rich cultural landscape setting.” ▲ The disused industrial land, once a pharmaceutical assembly warehouse, was given a suitability certificate for an affordable housing development. The concept masterplan is being assessed as a State Significant Development as a build-to-rent development worth more than $100 million. Sydney has ranked as the second most unaffordable city in the world for buying property, but high property prices are making it infeasible for affordable housing developers to dig in. Pacific Community Housing director Matthew Daniel said the project was being delivered at no cost to government through incentivisation policy contained in NSW legislation. “Providing nearly 500 new rental and affordable housing dwellings cuts against the view that the supply of new affordable housing requires new inclusionary land tax processes to deliver affordable housing,” Daniel says. “This project has only been able to be advanced with the significant private sector capital confidence due to the positive attitude by the Premier and the Minister for Planning who have made deliberate State policy decisions since they came to office to support an increase in new rental and affordable housing through market-based incentives.” A Landcom-commissioned report from 2019 looked at whether the Build-to-Rent sector could address housing affordability . The report findings pointed to market conditions and policy settings heavily impacting the viability of this asset class in Australia. It indicated that land taxes should be revised to incentivise build-to-rent developments. “Except where supported by some form of public subsidy or under rezoning, BtR will not generate affordable housing,” the report says. “Nor will it significantly ease wider housing affordability. However, it has the potential to fulfil other important public policy goals—including widened housing diversity, higher construction and management standards and a more secure form of private rental housing.” This would be the biggest affordable housing offering for community housing provider Pacific Community Housing, which aims to provide access to affordable housing in Sydney. “Having a home that is affordable, accessible and comfortable is a vital ingredient to enable an individual to excel in life in Sydney,” a Pacific Community Housing spokesperson said. “Unfortunately the cost of housing in Sydney can undermine the opportunities for those who struggle to find housing that is affordable.” The proposed development would also include a new heritage walk, central park and open spaces including community gardens, exercise areas and rooftop communal space. You are currently experiencing The Urban Developer Plus (TUD+), our premium membership for property professionals. 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[+] Parramatta: Build-to-Rent’s New Frontier

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