Released 26/07/2024 - Joint media release
Hundreds of new rental homes in Turner are a step closer with contracts now exchanged on the first dedicated build-to-rent site to be delivered by the private market in Canberra.
The project will provide at least 270 additional rental dwellings on Northbourne Avenue corridor of which at least 40 must be affordable rentals.
The 7,070sqmsite in Turner (Block 3 Section 57) was released by the ACT Government in late 2022 with the developer to pursue an innovative build-to-rent model.
This development is set to include a 15 per cent affordable rental component, which means at least 40 properties will be rented to eligible tenants at less than 75 per cent of market rate.
The ACT Government is pursuing multiple long-term projects to attract private investment to the build-to-rent market, and this is set to deliver more affordable housing for Canberrans.
The ACT Government also continues to support community housing providers to deliver affordable build-to-rent projects as part of its $80 million Affordable Housing Project Fund.
Quotes attributable to Chief Minister Andrew Barr:
“The ACT Government is committed to delivering more housing options for Canberrans, including through the build-to-rent model.
“The progression of this significant project in Turner will deliver more purpose-built long-term rental housing, including at least 40 affordable rentals, close to public transport, shops and services.
“The release of land for build-to-rent projects is among a range of measures to increase housing affordability, access and choice in Canberra to meet the needs of our growing population, which is on track to reach half-a-million people by 2027.”
Quotes attributable to Minister for Housing and Suburban Development Yvette Berry:
“The ACT Government is working hard to ensure everyone has a safe and secure home that they can afford.
“We want every Canberran to live near the amenities they need – whether that’s access to public transport, schools, shops, services or something else.
Quotes attributable to David Hill, Chief Investment Officer at Cedar Pacific:
“Turner is an important acquisition for Cedar Pacific to continue the growth of our Build-to-Rent strategy and provides an opportunity to deliver high-quality rental accommodation in the undersupplied market of Canberra including much-needed affordable accommodation.
“The proximity to Braddon, Civic and Australian National University together with an adjacent light rail stop will provide excellent access for the new age of renter looking for ultimate convenience and an enhanced living experience through professionally managed purpose-designed rental accommodation.”
- Statement ends -
Andrew Barr, MLA | Yvette Berry, MLA | Media Releases