Turner build-to-rent site on Northbourne Avenue listed for sale by Suburban Land Agency

The 7068-square-metre area in Turner, officially known as Block 3 Section 57, is for sale via tender process.

The site must be developed as a build-to-rent project with at least 15 per cent of dwellings required to be affordable rentals.

There is mandatory minimum of 270 dwellings for the development.

The Suburban Land Agency sold the adjoining block for $59.3 million at an auction in June.

That site, known as block 4, section 57 in Turner, is more than double the size at 16,303 square metres and can be developed as a regular residential site.

Build-to-rent developments are designed and built as long-term rentals and are held by a single owners, as opposed to typical developments where dwellings are sold to individual owners.

Developers, investors and community housing providers with an existing track record in build-to-rent have been invited to inquire on the block.

Chief Minister Andrew Barr said the Turner build-to-rent project would help to improve housing choice and affordability.

"We want to see more build-to-rent projects in the ACT, and the ACT government will be pursuing private investment into these projects over the coming years," he said.

The government will offer substantially reduced land tax and general rates for build-to-rent projects where there is no individual unit titling for the dwellings.

A subsidy will also be offered for the 15 per cent affordable rental component where low to moderate income tenants meet eligibility criteria.

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The block is being marketed for sale by Shane Radnell and Josh Reid of Colliers and Andrew Balzanelli and Tim Mutton of JLL.

ACT Minister for Housing and Suburban Development Yvette Berry said the project would provide longer-term security for Canberra renters.

"Homes will be specifically designed to meet renters' needs, will increase housing choice as well as diversity across our city," she said.

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