JLL sells Canberra BTR site to Cedar Pacific for $30 million

Canberra, 26 July 2024 – JLL ACT has sold a Suburban Land Agency’s Build to Rent (BTR) development site in Turner for $30 million to Cedar Pacific.

JLL Managing Director – ACT, Tim Mutton sold the land on behalf of the SLA to develop a minimum of 270 apartments on the site (STCA).

The 7070 sqm site is zoned CZ5 Mixed Use and is located at 10 Forbes Street, Turner.

Mr Mutton said the ACT tax system supports BTR developments through substantially reduced land tax and general rates.

‘The Crown lease prohibits unit titling on the residential dwellings. This will significantly reduce ongoing property tax liability and support the long-term rental operation of the apartments.

“With 15% of the development to be affordable rental dwellings, this is also an opportunity to contribute to the city's housing choice and social inclusion goals,” Mr Mutton said.

He said the development will boost the residential rental market and create further housing choices to ensure the location remains vibrant, liveable and innovative.

"It’s close to the light rail on Northbourne Avenue and has abundant local amenities, such as schools, employment hubs, and retail precincts, that make it an attractive proposition for those seeking convenience and accessibility,” Mr Mutton said.

He said Canberra is well-positioned for BTR developments.

"As the capital city continues to evolve, the Cedar Pacific BTR project aligns with the SLA vision of a progressive and inclusive city," he said.

He said Cedar Pacific will benefit from the significant financial incentives the ACT Government offers to support affordable rental housing while capitalising on Canberra's population growth.