Hundreds of new rental homes in Turner are a step closer with contracts now exchanged on the first dedicated build-to-rent site to be delivered by the private market in Canberra.
The project will provide at least 270 additional rental dwellings on Northbourne Avenue corridor of which at least 40 must be affordable rentals.
The 7,070sqm site in Turner (Block 3 Section 57) was released by the ACT Government in late 2022 with the developer to pursue an innovative build-to-rent model.
The development is set to include a 15% affordable rental component, which means at least 40 properties will be rented to eligible tenants at less than 75% of market rate.
“The ACT Government is committed to delivering more housing options for Canberrans, including through the build-to-rent model,” said Chief Minister, Andrew Barr.
“The progression of this significant project in Turner will deliver more purpose-built long-term rental housing, including at least 40 affordable rentals, close to public transport, shops and services.
“The release of land for build-to-rent projects is among a range of measures to increase housing affordability, access and choice in Canberra to meet the needs of our growing population, which is on track to reach half-a-million people by 2027.”
The ACT Government says it is pursuing multiple long-term projects to attract private investment to the build-to-rent market, and deliver more affordable housing for Canberrans.
“The ACT Government is working hard to ensure everyone has a safe and secure home that they can afford,” said Minister for Housing and Suburban Development, Yvette Berry.
“We want every Canberran to live near the amenities they need – whether that’s access to public transport, schools, shops, services or something else.”