Work is officially underway on the Palaszczuk Government's first Build-to-Rent development, providing a boost to jobs in the construction sector and making affordable housing more accessible.
Treasurer and Minister for Investment Cameron Dick today turned the sod on Mirvac's LIV Anura Build-to-Rent development at 60 Skyring Terrace, Newstead, being delivered under the Palaszczuk Government's $70 million Build-to-Rent program.
"Driving the continued growth of Queensland's construction sector is a key part of our Government's COVID-19 Economic Recovery Plan," the Treasurer said.
"By turning the sod today on this Mirvac project, we're firing the starter's pistol on jobs here in Brisbane and the creation of new rental homes for Queenslanders who want to live and work near the CBD.
"Shovels in the ground and cranes in the sky means jobs for Queenslanders.
"It means workers buying coffees and lunches from the local café, stimulating economic activity right through the supply chain.
"This project will offer 395 apartments exclusively for renters, including 25 per cent of dwellings that will be provided at a discounted rent via a Palaszczuk Government subsidy.
"This strategy will deliver a better lifestyle for Brisbane city-based workers and their families who'll be able to access affordable housing closer to their jobs.
"This development is due for completion in 2024 will and provide 100 per cent renewable energy to all apartments.
"The Build-to-Rent sector is a growing asset class in Australia and developments like this highlight the opportunity for business investment here in Queensland.
The Treasurer said final planning was underway for the commencement of construction at the second site under the Palaszczuk Government's Build-to-Rent program with Frasers Property Australia's development in Fortitude Valley.
"Combined, the two Build-to-Rent projects here in Newstead and in Fortitude Valley are expected to create 440 jobs during construction, as well as ongoing jobs as part of the management of the buildings," he said.
"These projects will offer 750 apartments in total, including up to 240 at a discounted rent.
"To further expand Queensland's growing Build-to-Rent program, Queensland Treasury is currently evaluating expressions of interest for two further developments.
"Mirvac and Pacific Living have been shortlisted for one to be located at the state-owned 50 Quay St, Brisbane, on the site of the former Children's Court.
"Lendlease, Greystar, Australian Unity and Make Ventures have all been shortlisted for a second Build-to-Rent development to be constructed on a privately-owned site identified by the successful proponent."
Minister for Communities and Housing Leeanne Enoch said the Build-to-Rent developments demonstrated the Palaszczuk Government's commitment to delivering more affordable housing options under the Queensland Housing Strategy Action Plan 2021-2025.
"We're making the largest concentrated investment in social housing in Queensland's history," Minister Enoch said.
"Our government's $1.9 billion investment over four years will increase social housing stock and ensure housing for more vulnerable Queenslanders sooner. On top of this, the establishment of the $1 billion Housing Investment Fund will enable returns to drive new supply and support current and future housing needs.
"The Action Plan will fast-track projects and initiatives to increase the supply of social and affordable housing by almost 10,000 over the life of our Housing Strategy, including 7,400 new builds over the next four years.
"Our Build-to-Rent program, including the start of work here in Newstead, is an important component of our plan and will provide opportunities for families to access affordable housing right near the Brisbane CBD."
Minister for Education and Member for McConnell Grace Grace said Mirvac's LIV Anura would add to the vibrancy of the local community.
"I'm pleased this project is progressing following its announcement last October. It is great for our local area, bringing local jobs and a boost to our small businesses," Minister Grace said.
Mirvac General Manager Build to Rent, Angela Buckley, said the simultaneous start of work on their LIV Anura project and Quay Waterfront Newstead luxury apartment development was part of Mirvac's plans to ramp up its pipeline in Brisbane, with significant demand across all sectors of the property market.
"Developments like LIV Anura are crucial, with the city's residential vacancy rate plummeting in the last year due to an extremely tight rental market," Ms Buckley said.
"Designed and delivered exclusively for tenants, it is expected to be the first project of its scale to open to residents in Brisbane.
"All these elements ensure we are creating a home and a fantastic lifestyle, not just a place to live, giving residents a sense of safety, belonging and personalisation, along with opportunities to connect with their neighbours."
