NSW to name Build to Rent shortlist

18 December 2018 - 12:00 am UTC

The New South Wales government is set to release the shortlist to bid for its first Build to Rent project in Sydney’s inner-city Redfern.

A spokesperson for the Department of Family and Community Services said the government will “make an announcement on this soon”.

Nine groups, including infrastructure and property investors, lodged expressions of interest on 16 October.

These are understood to include Investec, AMP Capital and Bouygues in one group, while John Laing, Plenary Group, Capella Capital, Blackstone and Mirvac are investing via other consortia.

The project could have a concession of around 40 to 50 years, however, this will be determined by the bids as the length of the concession is a key factor that will decide the winner, according to a source familiar with the transaction.

The project, which comes under the government’s Communities Plus program to build 23,000 new affordable homes, was announced in July.

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

Investec, John Laing, AMP Capital, Bouygues and Blackstone have declined to comment. Capella Capital, Plenary and Mirvac did not respond to calls made for comment.

Queensland followed NSW’s lead last week and called for registrations of interest for a Build to Rent project in Brisbane.

 

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