The New South Wales government in Australia has shortlisted three consortiums for its first build-to-rent project in Sydney, The Australian Financial Review reported.
The project would consist of 500 units on a 1.1-hectare site at 600-660 Elizabeth St. in Redfern.
The consortiums comprise Lendlease Building, Evolve Housing and Capella Capital; Frasers Property and Hume Community Housing Association; and a third group that is led by infrastructure company John Laing and includes Compass Housing Services.
The development would arise on state land and is required to be held for market rentals for 40 years, after which it would revert to the government, according to the Jan. 10 report.
The publication added that the project is part of the government's efforts to boost the build-to-rent sector. The project had been previously planned as a social and affordable housing scheme but was changed to build-to-rent in July 2018.