The NSW government will donate about one hectare of prime land in the heart of Sydney to developers to create affordable build-to-rent housing, in an Australian first.
Minister for Family and Community Services and Social Housing Pru Goward announced the site on Elizabeth Street opposite Redfern Park will be given away to investors under a 40-year lease, with the site exempt from land tax.
Minister Goward said the build-to-rent model allows the government to retain valuable state-owned land while investors, in partnership with community housing providers fund, build and manage the site under a long-term lease.
“Under this innovative approach, we are able to provide government-owned land to investors under a 40-year lease and at the end of the term, the asset is retained by the government.”
The build-to-rent model sees developers team up with governments and investors to build housing with the purpose of renting out properties at an affordable price.
It’s expected 400 to 500 dwellings will be built with 70 per cent of dwellings earmarked for renters at market prices and 30 per cent will be social and affordable housing.
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