A proposal for a housing project on Elizabeth St in Redfern has been submitted, but this time, locals can expect more affordable homes instead of the build-to-rent houses originally intended for the site.
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Highlights
- The new EOI proposes a delivery model which incorporates housing for sale and allows for more homes for people in need.
- LAHC has shifted to a ‘Build to Sell’ model from the previous ‘build to rent’ proposal.
Changes were made in October 2021 after the NSW Land and Housing Corporation (LAHC) released a new Expression of Interest (EOI) seeking a development partner to deliver the renewed project. The previous procurement process has been terminated, and all tenderers have been informed.
Updated Proposal
The subject site, located opposite Redfern oval measures 1.1-ha and in close proximity to the new Waterloo Metro Station.
Based on the new plans released by LAHC, there will be a total of 310 homes which will be a mix of social, affordable and private rental housing. There will be provision for new garden rooftops and outdoor space for residents.
The number of homes were apparently scaled back as the 2018 proposal involved building up to 500 build-to-rent homes.
The proposal also allows for a community facility, new shops, cafes and communal spaces as well as a potential for an improved and expanded public plaza on Kettle Street.
“This new development will inject more vitality into Redfern and will provide safe and modern housing in close walking distance to public transport, shops and other important services,” said LAHC CEO Mick Cassel.
“Around a third of these homes will be for social housing, creating over 700 jobs in Sydney. Our aim is to invigorate and enhance one of Sydney’s central districts with a variety and mix of homes to meet local needs,” Mr Cassel said.
Subject to approvals, construction on the Redfern project is expected to begin in 2024, with works completed by 2026 or 2027.
‘Build to Sell’ Model
This development model is called Build to Sell and it achieves LAHC’s key objective of maximising social housing on the site. It’s a more traditional model, whereas LAHC makes its land available for redevelopment and the private or not-for-profit sector funds and manages construction.
The previous proposal was designed to cater for Sydney’s demand for rental housing under a Build to Rent model (BTR).
However, LAHC said proposed planning controls have reduced the yield to a level where a BTR model is not viable and no longer meets the objective of delivering the project at no cost to the government.