The ACT Government Sells First Build-to-Rent Site in Turner
The Australian Capital Territory (ACT) Government has made a significant move in the housing sector by selling its first dedicated Build-to-Rent site. The sale, which involved the exchange of contracts with Cedar Pacific, will see the development of at least 270 dwellings in Turner, along Canberra’s Northbourne Avenue corridor. Notably, a minimum of 40 of these homes will be designated as affordable rentals, catering to the housing needs of a diverse demographic.
Site Details and Location
The sold site, Block 3 Section 57, spans an area of 7,068m2 and boasts a strategic location in close proximity to the light rail and the city center. This prime positioning ensures easy access to public transport, shopping centers, and essential services, making it an attractive prospect for potential residents.
Government Initiative for Affordable Housing
The decision to release the Build-to-Rent site aligns with the ACT Government’s commitment to addressing the housing challenges faced by Canberrans. By partnering with developers to implement an innovative build-to-rent model, the government aims to provide more housing options for residents, including affordable rentals for those in need. This initiative also emphasizes the importance of offering tenants long-term security and stability in their housing arrangements.
Strategic Measures for Housing Development
The release of this land is part of a broader strategy aimed at enhancing the availability, diversity, and affordability of housing options in Canberra. With the city’s population projected to surpass half a million by 2027, these measures are essential for meeting the evolving needs of residents and ensuring sustainable urban development.
- The ACT Government is actively supporting community housing providers in delivering Build-to-Rent projects with an affordable rental component through its $80 million Affordable Housing Project Fund.
- Build-to-Rent initiatives are integral to the ACT Housing Strategy 2018-2028, emphasizing the government’s long-term vision for housing development in the region.
Future Outlook and Impact
The successful sale of the Build-to-Rent site in Turner signifies a positive step towards creating a more inclusive and sustainable housing market in the ACT. By prioritizing affordability and accessibility, the government is laying the foundation for a vibrant and resilient community that caters to the diverse needs of its residents.
Conclusion
Overall, the ACT Government’s sale of its first Build-to-Rent site marks a significant milestone in the region’s housing landscape. With a focus on affordability, innovation, and long-term sustainability, this development sets a strong precedent for future housing projects and reflects the government’s commitment to fostering a thriving and equitable community.
FAQs
1. What is Build-to-Rent?
Build-to-Rent is a housing model where developers construct residential properties specifically for rental purposes, offering long-term leases and a sense of community for tenants.
2. How will the affordable rentals be allocated on the site in Turner?
At least 40 of the 270 dwellings on the Turner site will be designated as affordable rentals, ensuring that a portion of the housing stock caters to low-income individuals and families.