Chief Minister Andrew Barr discusses build-to-rent plans with Housing and Suburban Development Minister Yvette Berry in Dickson. Behind them are the BTR apartments on top of the Coles shops. Photo: Ian Bushnell.
More build-to-rent accommodation could soon be springing up on top of and around Canberra’s major town centre shopping centres, according to Chief Minister Andrew Barr.
Mr Barr said Labor would be supporting more BTR projects across Canberra, particularly along public transport routes and in town centres, as part of its goal to build 30,000 new homes by the end of the decade.
He said Labor would work with the owners and operators of Westfield Woden, Westfield Belconnen and Southpoint Tuggeranong on options for well-designed build-to-rent projects as part of renovation or redevelopment opportunities in these major commercial precincts.
Westfield had approached the government about the prospects of building long-term rental projects on land it owns and on top of existing structures, “but they’ll have a look at the development economics of the different options”, Mr Barr said.
“They might want to do more than one project on land that they own. We’ve also got some land available as well, so we can look at either adding that into a project or having separate projects.”
Mr Barr said there had also been talks with Southpoint in Tuggeranong.
He said the new rental apartments on top of the Dickson Coles in a building owned by a superannuation company was an example of what could be achieved.
Labor was aiming to deliver thousands of long-term rentals, including affordable homes at 75 per cent of market rent for key workers, with a long-term goal of increasing the vacancy rate to a healthy 3 per cent.
“We’ve been working with a number of partners, both private sector, community sector, institutional investors and looking at our own land release schedule to outline a series of projects right across the Territory in areas that clearly will benefit from having more long-term rental accommodation,” Mr Barr said.
Apart from the town centres, build-to-rent projects will also be encouraged as part of planned developments in Gungahlin Town Centre East, the Molonglo Town Centre, the Acton Waterfront and Thoroughbred Park.
A project in Dickson will cater specifically to the needs of older Canberrans to provide greater housing choice as people age.
Current incentives and assistance to developers would continue under Labor, including a Lease Variation Charge (LVC) concession, a direct grant to fast-track a project, or ongoing financial assistance to ensure continued provision of affordable rentals in a development.
Developers have been calling for more help to make projects stack up such as land tax and rates concessions, and Mr Barr said these were available through the Affordable Housing Fund and were tied to long-term rental affordability.
“We will only give concessions to deliver an actual outcome for renters,” he said.
“But as we saw, for example, in the Turner project, it doesn’t mean every dwelling in the project attracts a concession, but a proportion does, and then you can, of course, deliver market-based rental products as well.
“I think that’s the mix that we’re looking for here. The objective is more rental supply across the spectrum.”
Labor has committed to including a key worker housing project in its housing plans for the Bruce Sports, Health and Education precinct.
“We’re building a large hospital there, so it makes sense to have key worker housing in that context, but that could support health workers and teachers. For example, teachers at university, teachers in the TAFE system, teachers who may have a role associated with the Institute of Sport.”
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