The NSW Land and Housing Corporation (LAHC) has cancelled Built to Rent (BTR) arrangements entered into for its proposed PCYC – Elizabeth Street Redfern redevelopment.
LAHC is saying that the “proposed planning controls have reduced the yield to a level where a BTR model is not viable and no longer meets the objective of delivering the project at no cost to government”. The planning controls have been developed by the City of Sydney Council.
LAHC has called for expressions of interest to build properties for sale to fund delivery of new public housing. LAHC expects the development will provide 95 social housing homes and a new community facility within a 300-unit redevelopment opposite Redfern Oval.
The Redfern BTR development was to be a test of a model that leased government land for around 40 years for rental properties as an alternative to selling off around 70 per cent of a site to fund 30 per cent new social housing. If the BTR model had worked there was the hope that it could also be used in redevelopments like Waterloo to deliver new public housing without selling off large areas of current public housing land.
_______________
See more on the LAHC website at https://www.dpie.nsw.gov.au/land-and-housing-corporation/greater-sydney/redfern
