Site in Turner sold for $30 million to Cedar Pacific
News release
26 July 2024
JLL sells Canberra BTR site to Cedar Pacific for $30 million
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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.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.