Mirvac Selected to Particpate in QLD Government Supported Build to Rent Pilot Project
Mirvac Group has today announced that it has been selected as one of two proponents of the Queensland Government’s Build to Rent Pilot Project for its proposal to bring to life one of the State’s first large scale buildings for renters.
Mirvac Group (Mirvac) has today announced that it has been selected as one of two proponents of the Queensland Government’s Build to Rent Pilot Project for its proposal to bring to life one of the State’s first large scale building designed and built exclusively for renters.
The Government’s Pilot Project will facilitate Build to Rent (BTR) projects in the State through the introduction of a ground-breaking housing model which has the potential to improve housing diversity and provide affordable housing solutions. Through the Pilot Project, the Queensland Government has committed to provide a rental subsidy in return for the delivery of affordable rental housing within BTR developments in Brisbane that meet certain criteria.
Mirvac’s proposed project, LIV Newstead, includes plans to deliver approximately 390 high quality rental apartments, together with over 3,000 sqm of indoor and outdoor amenity for residents, as the next stage of the Group’s Waterfront Newstead residential community in Brisbane . Approximately 99 affordable housing apartments (25 per cent of the total apartments) are included in the proposed scheme, which will be offered to eligible tenants at a 25 percent discount to market rent.
Mirvac’s CEO & Managing Director, Susan Lloyd-Hurwitz said, “With over 48 years of experience in delivering award-winning residential projects, our fully integrated delivery model, and our deep commitment to establishing the BTR sector in Australia, Mirvac is ideally placed to deliver its first BTR project in Queensland at Waterfront Newstead.
We have a proud 20 year development history in Newstead with the delivery of Pier, Park and Unison developments and the delivery of the Waterfront and Wharf Parks.
“Our BTR platform and operating model, LIV, has been designed to elevate the customer experience and offer our residents greater security, flexibility and housing choice. We are already starting to see strong interest from renters in the model at our first building delivered exclusively for renters, LIV Indigo, at Sydney Olympic Park. Over 20% of leases have been signed in a month since the official opening in early September.”
“We are delighted at the opportunity to partner with the Queensland Government to facilitate the establishment and growth of the BTR sector as a viable long term property asset class in Queensland.
And we are even more delighted to work with the Government on a model that could transform the provision of affordable housing for key workers such as nurses, teachers and police. The opportunity to provide Mirvac quality to a deserving group of renters is exciting and aligns perfectly with our purpose to reimagine urban life.”