Brisbane Housing Company Limited—the state’s leading provider of affordable housing—is wasting no time in its partnership with the Queensland Investment Corporation, applying to build another 90 apartments in an eight-storey development just north of the capital.
BHC has lodged an application with the Brisbane City Council to amalgamate four adjoining lots in Chermside, 10km north of the CBD, where they want to build a medium-rise development,comprising 78 one and 12 two-bedrooms apartments.
It also includes a communal recreation room, two levels of parking for 46 cars and an upper-level sky terrace.
Part of the application seeks permission for change of use of the 2453sq m property to one of multiple dwelling.
According to the application “the site offers a great opportunity for BHC to deliver affordable housing targeted at low income workers, while capitalising on the amenity provided by nearby parkland and public and active transport networks”.
It’s the second application BHC has filed for affordable housing in Chermside in almost as many months.
At the end of May, the developer filed plans for two developments—a 10-storey block of 82 apartments in Stones Corner and a 34-apartment development in Chermside.
The company already has Queensland’s biggest wholly-owned, purpose-built affordable housing portfolio—and one of the largest in Australia—with more than 1800 homes across the state.
In June, the Queensland government announced it would deliver 1200 new social and affordable homes through a partnership between BHC and the Queensland Investment Corporation.
This latest application, designed by KO and Co Architecture, began as a much smaller development.
At a pre-lodgement meeting with the council in December last year, BHC sought permission to build on a smaller holding. Since then, they have acquired lots 6-8 Curwen Terrace, which adjoin the original properties.
BHC said an opportunity became available to increase the size of the project from two to four lots, which unlocked a more efficient design and increased the number of homes the site is able to deliver.
That pre-lodgement meeting also heard that about 195sq m of road-widening would be required.
The application said BHC are a long-term asset owner and have not on-sold any of their developments. Ownership is held under a single title.
According to BHC, rent is typically limited to 25 to 30 per cent of tenants’ incomes in affordable housing and tenants generally pay less than 75 per cent of the prevailing market rent.
“This project is being delivered as part of BHC’s ambitious growth strategy, reflecting our commitment to do all we can to respond to the significant demand from the community for safe, secure and affordable homes across Brisbane,” a company spokesman said.
BHC was incorporated in 2002 as a public company limited by shares. The Queensland government and Brisbane City Council are both ordinary shareholders.
Article source: www.theurbandeveloper.com
from Queensland Property Investor https://ift.tt/dXM7p8e
via IFTTT
