The site of the former Children’s Court at 50 Quay Street is one of two new build-to-rent developments planned for inner Brisbane.
The Queensland government will offer the inner Brisbane site, signalling a state-owned transaction, as part of two affordable housing projects to be built.
In an announcement made on Friday, the state has opened an expression of interest campaign to the private sector for the two build-to-rent projects.
As part of its build-to-rent scheme, the Queensland government is offering the state-owned 50 Quay Street site and a rent subsidy for the successful bidder to build an affordable housing component within the project.
The initial $70 million “build-to-rent” scheme was revealed by the Queensland Government in December 2018, but then took almost two years before a first announcement was made.
In October last year, the state approved its first two build-to-rent projects, Frasers Property’s development at 210 Brunswick Street in Fortitude Valley and Mirvac’s build-to-rent development at 60 Skyring Terrace in Newstead.
The site of the former Children’s Court at 50 Quay Street, Brisbane.
According to Friday’s announcement, the expression of interest process for the second build-to-rent development will also have an affordable housing component, located on a privately-owned site identified by the successful proponent.
In a statement, treasurer Cameron Dick said the latest announcement comes as part of the state government’s Economic Recovery Plan for Covid-19.
“Through these two processes, the continued fostering of Build-to-Rent is expected to attract different investment and financing markets to residential property development and deliver a better living environment for future tenants and surrounding area,” the Treasurer said.
“For the first time, we are able to offer a build-to-rent site on state-owned property, the site of the former Children’s Court at 50 Quay Street.”
Build-to-rent, usually large-scale residential properties, will see the state government partnering with the private construction sector to deliver lower-cost rental homes primarily targeting key workers for homes close to employment.
Tapping the growing rental market, the projects aim to offer secure long-term housing, and is specifically designed, built and managed for long-term ownership and rental.
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