The NSW Government has announced further incentives to increase the number of Build to Rent (BTR) developments in the state by introducing a raft of changes to the State Environmental Planning Policy.
The most important measure is to lower the State Significant Development threshold for BTR housing from $100 million to $50 million in Greater Sydney and $30 million outside of Greater Sydney.
Further, the new policy scraps the requirement for BTR housing in B3 commercial zones to be readily convertible to another use.
BTR development is yet another new competitor for village operators with the model appealing to seniors living in urban areas that want a long-term rental option. When Mirvac’s LIV Indigo (pictured) at Sydney Olympic Park was 80% full, 10.3% of occupants in the BTR were aged 50 and beyond.
The Property Council of Australia’s NSW executive director Luke Achterstraat said the Council had advocated strongly for several substantive amendments to the SEPP since its introduction.
“These amendments to Build to Rent, floorspace, seniors living and self-assessment pathways for the Aboriginal Housing Office are examples of red tape removal, which we support,” he said.
The SOURCE reported last month that Novus has acquired land in Parramatta in western Sydney for its second BTR project and its first in NSW.
