QLD Gov in public-private Build To Rent partnership: 250 social housing units with Gov rent subsidies

The Queensland Government has partnered with private investment manager Cedar Pacific to build 470 Build To Rent (BTR) units as part of a pilot program in Brisbane. The units, slated for the site of the former Children’s Court on Quay Street in inner Brisbane, will be built as part of the Palaszczuk Government’s $2 billion Housing Investment Fund. According to Treasurer Cameron Dick (above), up to 250 of the apartments will have their rents subsidised by the Government.

“These affordable rental homes will enable more inner-city workers such as emergency services and hospitality staff to live closer to their jobs, meaning less time traveling and more time with their families,” he said. “The three developments now being supported by our Build-to-Rent Pilot Project in the Brisbane area will deliver more than 1,200 new dwellings, of which up to 490 will be provided at discounted rent.”

Mark de Medici, Cedar Pacific’s CFO (pictured), said in a statement that more governments around Australia should consider public-private partnerships for housing.

“It provides institutional investors an attractive investment opportunity in an emerging sector whilst delivering a social benefit to fulfill their ESG objectives,” he said.

State and Territory Governments such as NSW, the ACT, and WA have all been looking to BTR as a solution to housing availability and affordability; BTR also challenges retirement village operators as an alternative form of housing for seniors. The Property Council of Australia has highlighted retirement living and Build To Rent

“If you are a senior Australian who wants to expand their quality of life in a retirement village, a student who wants a community conveniently based near their place of learning or a family who seeks the improved security of tenure that comes with Build-to-Rent housing, you need governments at all levels to make investment in these options as affordable as possible,” it says.