Cedar Pacific’s Build to Rent project is part of the Palaszczuk Government’s plans to expand eligibility for the Housing Investment Fund. Treasurer and Minister for Trade Cameron Dick put a call out for innovative, affordable, and social housing proposals through the Palaszczuk Government’s $2bn Housing Investment Fund.
The Treasurer said the new invitation for Expressions of Interest would provide financial backing for ready-to-go social and affordable housing developments on privately owned sites, including affordable-only proposals, either through new construction or the repurposing of existing dwellings.
“At last year’s Queensland Housing Summit, our government committed to doubling the size of our signature Housing Investment Fund to $2bn, which means annual funding of $130m is now available. This supports our increased target of 5,600 additional social and affordable home commencements across Queensland by 30 June 2027.
“The market invitation released expands eligibility to allow stand-alone, affordable housing projects to be supported under the Housing Investment Fund.”
Cameron Dick, Treasurer and Minister for Trade, Queensland
Cedar Pacific has been selected to deliver a 470-home development on the site of the former Children’s Court at 50 Quay Street under the Palaszczuk Government’s Build to Rent pilot project. Up to 250 of these apartments will be available at a discounted rent subsidised by the government. Cedar Pacific has revealed its plans for the 32-storey Build to Rent tower.
“Build to Rent projects are a great example of the type of developments the Housing Investment Fund’s new market invitation could support.
“Our partnership with private investment manager Cedar Pacific will transform the site into a new residential complex available only to renters, supporting around 200 local construction jobs.
“These affordable rental homes will enable more inner-city workers such as emergency services and hospitality staff to live closer to their jobs, meaning less time traveling and more time with their families.”
Cameron Dick, Treasurer and Minister for Trade, Queensland
Work on site is expected to start by the end of 2023, with residents moving in during 2027. The three developments now being supported by the Build to Rent pilot project in the Brisbane area will deliver more than 1,200 new dwellings, of which up to 490 will be provided at discounted rent.
“Our continued partnership with community housing providers and private industry is delivering even more social and affordable housing, ensuring Queenslanders have a roof over their head.”
“These 1,200 new Build to Rent dwellings are just some of over 13,000 social and affordable homes the Palaszczuk Government will have commenced by 2027. We know Queenslanders are doing it tough, which is why our comprehensive 10-year Housing Strategy includes programs like Build to Rent, to deliver more affordable housing options.”
Leeanne Enoch, Minister for Housing, Queensland
Cedar Pacific CEO Bernie Armstrong said the company would draw on its experience of developing and operating communities in partnership with Essence Communities to deliver the Build to Rent project at 50 Quay Street, while aiming to create long-term value for their investors.
“The location of this project, together with the Roma Street precinct station, will be transformational for this part of Brisbane, which will likely see significant further renewal.”
Bernie Armstrong, CEO, Cedar Pacific
It is expected that the Housing Investment Fund will allow a greater segment of the market to participate in bringing forward new housing and support the State’s commitments under the National Housing Accord.
Existing measures under the Palaszczuk Government’s plan to deliver more affordable housing continue to be rolled out.
“The Queensland Government’s innovative public-private partnership is a model we would like governments across Australia to embrace as it provides institutional investors with an attractive investment opportunity in an emerging sector, while delivering a social benefit to fulfill their ESG objectives.”
Mark de Medici, CFO, Cedar Pacific
