The City of Sydney will write down the value of a Redfern, Sydney, site by almost half to sell it to community housing provider SGCH in a deal worth as much as $14.25 million.
Under the terms of sale for the 11 Gibbons Street site, SGCH will build between 130 and 150 homes, of which up to 60 will be social housing for people at risk of homelessness and the remainder affordable housing, leased at rents pegged below market rates.
The transaction, approved by council at its meeting on Monday, follows a planned sale last year that fell through after a different community housing provider failed to get funding for it from the state government’s Social and Affordable Housing Fund. It is the latest in a string of site sales the City has made of surplus land in areas including Alexandria to boost the supply of affordable accommodation in the inner city, where the slew of commercially developed accommodation is priced out of reach for lower-income residents.
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