ACT golf club says ‘No’ to retirement village, ‘Yes’ to 700 Build To Rent homes
The development is not a typical high rise BTR tower but two-, three- and four-storey townhouses plus adaptable and fully accessible apartments ranging from two to four bedrooms. All are Build To Rent
Retirement Living Council President Tony Randello doesn’t think Build To Rent will challenge the 6% market penetration of retirement villages but government planners and investors think otherwise – and acting. Speaking at the RLC conference last month, Tony said the village sector leads in delivers affordable seniors housing. But consider the Gungahlin Golf Investments’ new long-term development plan for Gold Creek Golf and Country Club in Nicholls, 14km northwest of Canberra’s CBD. Informed by feedback to its original plans received in 2018, the development company proposes constructing about 700 Build to Rent dwellings over 10 years on a currently underused portion of the golf course. The monthly rental cash flow aims to make the golf club financially viable long-term and help address a great need for rental accommodation in Canberra. The development is not a typical high rise BTR tower but two-, three- and four-storey townhouses plus adaptable and fully accessible apartments ranging from two to four bedrooms. All are Build To Rent. Gungahlin Golf Investments is awaiting public opinion before submitting a development application.
The recent ACT Budget identified Build To Rent as a mechanism to improve housing affordability and stability, with the government stating the model “has the potential to provide long-lasting community benefits, with greater housing choice for tenants by expanding access to high-quality dwellings in a stable rental environment”.
The SOURCE: We believe the BTR sector is a serious and legitimate competitor to retirement villages, and should not be ignored by the sector. Learn more at our one day Masterclass 29 August in Sydney plus virtual broadcast HERE.
