Aus & NZ: NSW extends build-to-rent EOI call

10 September 2018 - 12:00 am UTC

New South Wales has given a three-week extension for expressions of interest in its latest social housing development pitched at long-term investors.

On 1 August the New South Wales government set 25 September as the deadline for its Communities Plus build-to-rent project in Sydney, but on Monday (10 September) extended this to 16 October.

The Redfern project will involve building between 400 and 500 new homes at a 1.1 hectare site at 600-660 Elizabeth Street in Sydney’s inner-city suburb of Redfern, with 30% earmarked for social housing.

Multiple infrastructure investors – including Investec, AMP Capital and Lendlease – have shown interest in the project. Some of the attractions include a 40-year concession and the use of government owned land.

At its annual results briefing on 22 August, Lendlease CEO Stephen McCann confirmed the firm is interested in investing in Australian social housing. 

But he said some states had unfavourable tax regimes in this sector making the build-to-rent market in Australia less attractive than that of Europe and the US.

On the same day, Lendlease launched an AUD 2bn (USD 1.42bn) build-to-rent investment platform with Australia’s First State Super to invest in the US.

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