"As the ACT Government’s first land release for BTR, Block 3 Section 57 in Turner is being offered for sale via a tender process."
Prompted by the continued growth of the Build to Rent (BTR) sector across Australia, the ACT Government’s Suburban Land Agency has released for sale a prime site in the inner north suburb of Turner for a dedicated BTR development. Situated in an ideal location on Northbourne Avenue, Block 3, Section 57 in the CBD-adjacent suburb of Turner offers great opportunity for the BTR model in Canberra.
With its proximity to both the CBD and the thriving Braddon precinct, this site has great potential for the establishment of a vibrant rental community. Shops, services, universities, and green spaces are nearby, with easy access to Canberra’s airport.
As the ACT Government’s first land release for BTR, Block 3 Section 57 in Turner is being offered for sale via a tender process. The site of more than 7,000 square metres will be required to have at least 270 dwellings and 15% of these to be offered as affordable rental dwellings. The ACT Government is offering a subsidy to support the provision of the affordable rental dwellings.
“We’re inviting BTR developers, investors, experienced rental operators and community housing providers to participate in this process,” stated the Suburban Land Agency's Program Manager for Housing Choice, Jessica Hillcrest.
The ACT Government is focused on the potential of BTR, as it has the potential to provide long-lasting community benefits by bolstering rental options in the nation’s capital. BTR typically involves the construction of multi-unit housing which is owned long-term by a single owner with the goal of generating steady holding income. These developments are usually designed with high-quality common spaces and extra services for residents.
Nicholas Holt, the Executive Director of Built Form and Divestment at the Suburban Land Agency, explained that the process of bringing the site to market had been a positive one. “It is such a fantastic location with so much potential for BTR and offers a great investment opportunity,” he said.
BTR offers wider social and economic benefits by addressing rental stock concerns whilst providing tenants with high-grade amenity. Canberra, with its stable workforce and BTR-friendly tax subsidies, offers developers interested in moving into this burgeoning asset class a plethora of options and benefits.
