Cedar Pacific Build-to-rent project
McCullough Robertson has proudly assisted Cedar Pacific with their built-to-rent pilot project with the State of Queensland, one of three to date, unlocking 50 Quay Street, Brisbane City for 470 rental apartments. The project includes a rental subsidy from the State to facilitate an affordable housing offering for eligible tenants, addressing the demand for affordable housing within inner Brisbane.
In announcing the project, Treasurer and Minister for Trade and Investment, The Honourable Cameron Dick, said “Up to 250 of these apartments will be available at a discounted rent subsidised by our Government. Build-to-Rent projects are a great example of the type of developments the Housing Investment Fund’s new market invitation could support.”
The project, due to be complete by 2027, encompasses multi-family residential homes in a build to rent investment model, with Cedar Pacific drawing on its experience in developing and operating thriving communities in partnership with Essence Communities.
Led by the Real Estate team, the complex transaction has required significant and valuable input from other areas including Tax and Construction. Lead Partner, Kristan Conlon, commented “Our cohesive multidisciplinary approach, paired with our strong involvement in the Property and affordable housing industry, has allowed us to provide a holistic and tailored approach to this signature transaction involving an emerging asset class in Australia”.