According to The Australian Financial Review, the co-founders of Scape Australia, the country’s largest student accommodation provider, are planning one of the country’s biggest build-to-rent developments yet, a $1.5 billion development in Sydney’s inner west.
The Timberyards project in Marrickville will deliver up to 1000 apartments including 100 affordable units when complete. It is the first project for a residential rental fund established by Scape founders Craig Carracher and Stephen Gaitanos, which is targeting 10,000 apartments by 2030. The lack of supply has severely curtailed rental availability, especially in inner-city areas where key workers are most needed. Build-to-rent projects – where one owner develops and controls sizeable apartment blocks earmarked for rental – could potentially contribute a substantial proportion of much-needed housing, analysts say. While high construction costs are also choking supply, delaying even approved housing projects, the federal government’s foreign tax regime is also to blame for the hold-up, according to industry players. https://www.afr.com/property/residential/giant-1-5b-build-to-rent-housing-project-slated-for-marrickville-20241023-p5kkn9
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