Canberra’s first Build-to-Rent (BTR) site in Turner was released onto the market for sale today, which the ACT Government says will deliver more rental properties and housing options for Canberrans.
The site in Turner, Block 3 Section 57, is being sold via tender process by the Suburban Land Agency (SLA), with at least 15 per cent of dwellings required to be affordable rentals to eligible tenants.
Colliers director residential Shane Radnell said rather than a traditional, large-scale residential development where homes are sold individually, BTR model properties are built specifically to be rented out over the medium to long term.
Colliers director land marketing Josh Reid said: “As a BTR site, the homes built on this site cannot be unit titled for a period of 19 years.
“Fifteen per cent of the dwellings also have to be offered at affordable rent, which is less than 75 per cent of market rent.
“While not something we have seen in the ACT before, this site should be highly attractive to investors. There are also significant tax benefits for developers to undertake BTR and a subsidy to improve rental affordability.”
ACT Chief Minister Andrew Barr said: “The Build-to-Rent project in Turner will provide purpose-built and long-term rental housing, helping to improve housing choice and affordability in our city.
“It also offers a great investment, with the ACT tax system supportive of Build-to-Rent developments where there is no unit titling of the individual dwellings through substantially reduced land tax and general rates.
“We want to see more Build-to-Rent projects in the ACT, and the ACT Government will be pursuing private investment into these projects over the coming years.”
ACT Minister for Housing and Suburban Development Yvette Berry said the project delivers a key action in the ACT Housing Strategy and other housing initiatives from the 2022-23 ACT Budget.
“Build-to-Rent will help to improve rental supply and affordability with longer term security for tenants,” Ms Berry said.
“Homes will be specifically designed to meet renters’ needs, and will increase housing choice as well as diversity across our city.”
Visit the Suburban Land Agency website to see sale details; sales close on 15 December.
More information is also available in the Build-to-Rent Prospectus.
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