A pair of developing asset classes are joining forces on a Brisbane construction site in a new development model promoted as a mutually advantageous “force for good”.
Build-to-rent is being incorporated into social and cost-efficient housing by developer Mirvac in its initial journey to achieve a mixed-tenure model of scale at its two-tower $270-million LIV Anura project in inner-city Newstead.
Of the 395 apartment units being developed as a combined effort with the Queensland government as a component of its Build-to-Rent Pilot Project, 25 per cent will be cost-efficient homes for key workers.
According to Mirvac’s general manager Angela Buckley, more needs to be done with this designated space. But the key is to discover the mode and model of building.
Buckley will be a featured speaker at The Urban Developer Affordable and Social Housing Summit event October 28.
She said that the project represents synergy between the dual sectors and the chance for the build-to-rent model to be extended to cover all types of rental accommodation.
The ability to supply top quality, cost-efficient product close to peoples’ work will be Mirvac’s focus from this point forward. However, Buckley says that this project presents complexity and challenge; and the company is striving to test and learn as they proceed. She says the company is at the exploration stage.
To participate in a one-day virtual summit focused on cost-efficient and social housing in Australia Thursday, 28 October. Click here.
As of June 2021, 27,933 families or households fill Queensland’s social housing register—that’s an increase from 21,242 applications in the pre-pandemic time of June 2019.
Although LIV Anura is not set for completion until early 2024, Mirvac is receiving enquiries from potential residents poised to join a waiting list for 99 designated key worker cost-efficient apartments.
Buckley said it was challenging to make both build-to-rent and affordable housing viable without government intervention.
The company likes this model with the Queensland government as the company is assuming responsibility to build and go forward … and within a tri-year period, 100 affordable rental apartments will be constructed.
Buckley said Mirvac had signed a memorandum of understanding with a national community housing provider to join forces and deliver affordable housing.
She sees this project as an opportunity to discover new business possibilities, and in the larger sense make a real difference in the world.
Source: The Urban Developer.Com
Image credits by Mirvac