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The state government has announced the shortlisted companies for its latest build-to-rent (BTR) development.
Housing Minister John Carey has announced the three community housing provider consortiums nominated to develop the BTR project, which will utilise a ground lease.
Formerly a public housing site, the Smith Street location, two kilometres from Perth’s central business district, will deliver 30 per cent of its 100 new rental dwellings to those on the public housing waitlist.
The McGowan government believes this innovative solution will deliver social, affordable and market rental housing on a government-owned site, which it hopes will offset damage from the current heated construction market and private rental shortage.
Current rental availability in Western Australia is slim, with vacancy rates in Perth in June the highest of any region in the state — at 1.1 per cent, according to the Real Estate Institute of Western Australia (REIWA).
During the recent Homelessness Week, the institute also outlined that on any given night, 9,000 West Australians are experiencing homelessness, an issue that highlights the urgent need for added social housing stock.
A diverse range of proposals received by the state government since it released expressions of interest for the development in April has been whittled down to the final three shortlisted consortiums — Community Housing, Housing Choices Western Australia, and Foundation Housing.
The successful provider will have the Highgate site made available to them under a long-term ground lease of up to 49 years.
The central Perth location has a range of benefits for future tenants, including close proximity to public transport, schools and tertiary education facilities, retail, and entertainment offerings, as well as a host of other amenities.
Speaking on the project, Mr Carey said the West Australian government “is committed to partnering with the community housing sector to unlock and build capability to increase the supply of social and affordable housing in WA”.
“The build-to-rent housing model offers great security of tenure for tenants because properties are built only for rental purposes and not to be sold for profit,” he said.
Mr Carey added that while looking to support programs that boost social housing stock through “construction, spot purchases and refurbishment”, the government is also “working closely with the community housing sector to maximise outcomes for vulnerable Western Australians”.
The project is a core component of the West Australian government’s housing diversity pipeline, which, according to its website, aims to deliver “a series of quality mixed tenure and innovative housing developments, including social housing, across nine metropolitan and two regional government-owned sites”.
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