The ACT Government has officially released a block of land in Turner for a new Build to Rent product aimed at increasing rental availability in the Canberra area.
(We at The SOURCE believe that Build to Rent is emerging as a major alternative for Baby Boomers to retirement villages.)
First announced in this year’s ACT Budget, the sale of the central Canberra site by the Suburban Land Agency (SLA) is being conducted via a tender process handled by Colliers and JLL.
According to ACT Chief Minister Andrew Barr (pictured), the development – which will be required to devote at least 15% of its apartments to affordable rentals for eligible tenants – will provide “purpose-built and long-term rental housing” to increase housing choice and affordability.
“It also offers a great investment, with the ACT tax system supportive of Build-to-Rent developments where there is no unit titling of the individual dwellings through substantially reduced land tax and general rates.
“We want to see more Build-to-Rent projects in the ACT, and the ACT Government will be pursuing private investment into these projects over the coming years,” he said.
The tender process will be open until 15 December.
