The developer of Denman Prospect will build, own and operate a 700-unit, build-to-rent complex in the Molonglo Valley suburb – the first greenfield development of this kind in the ACT.
Capital Estate Developments, the property arm of Canberra Airport, says the complex, known as the Borough, will offer high-quality yet affordable rental options for tenants, with amenity not usually provided in the traditional rental market.
It says the build-to-rent model, which the ACT Government is encouraging to ease the Territory’s tight rental market and provide more secure housing for those unable to buy their own home or preferring to rent, will provide housing stability as tenants can sign up for a range of flexible and often longer lease terms, with the development owned and managed by a single operator.
Capital Estate Developments will partner with local builder Jega, which developed Kingsborough in the Kingston Foreshore.
The Borough will be a residential and multi-use precinct with quality amenity, and Capital Estate Developments will manage the leasing, maintenance and property management of the apartments and communal areas.
Capital Estate Developments Managing Director Stephen Byron said the development would help ease Canberra’s current housing shortfall.
“Once complete, The Borough will provide tenants with more flexibility, security and the opportunity to be part of a community within a quality development,” he said.
“It would give renters a long-term space that they can make their own and feel right at home, plus a community that they are proud to be a part of.”
The Borough precinct will be developed over three stages, the first two stages comprising 370 dwellings and located on the eastern side of Holborow Avenue in Denman North, a short 200m walk from the Denman Village Shops, while the final stage of 330 units will sit opposite and further up the hill.
Stages 1 and 2 comprise five buildings, including shared landscaped amenity with communal spaces and provisions for temporary businesses such as pop-up food trucks.
Four different architects – DNA, AMC, Oztal and DKO – are involved and the designs will feature their own unique attributes that will combine to create an urban residential precinct.
Sustainability will be a feature of the development, which will include solar panels, electric car charging stations, drone delivery landing zones, greywater management, sustainable building materials and community gardens.
“Tenants will also be able to enjoy all that The Borough precinct has to offer, including shared work and quiet rooms, pop-up shops and cafes, a gym, and exclusive residents-only communal rooftop areas,” Mr Byron said.
“It is also within walking distance to the Denman Village Shops and the future Denman Village Playground.”
Deputy Chief Minister and Housing and Suburban Development Minister Yvette Berry joined Mr Byron for the launch of the project on Monday.
“Every Canberran, no matter their circumstances, should have access to safe and affordable housing that suits their needs,” she said.
“The build-to-rent model is one of the many ways we are working to meet the ACT’s diverse and changing housing needs – both now and in the future.”
Stages 1 and 2 of The Borough at Denman Prospect are currently in the detailed planning and design stages, with land servicing and site works commencing this month.
A DA has not been submitted yet and construction won’t commence until towards the end of next year, subject to approval.
The first dwellings are expected to be completed and occupied in early-2024.