The new State Environmental Planning Policy Amendment came into effect on 12 February, that establishes a definition of build-to-rent, and which mandates minimum lifespans for BTR developments.
Build-to-rent is classified as a ‘development for the purposes of multi-dwelling housing, residential flat buildings or shop top housing where the proposed development is to be built on land zoned B3 Commercial Core, B4 Mixed Use or B8 Metropolitan under the Act, and will contain at lease 50 dwellings occupied, or is intended to be occupied by individuals under residential tenancy agreements, with all buildings containing these dwellings located on the same lot of land.’
Moreover, a Consent Authority must be satisfied that no part of the build-to-rent development will be subdivided, in order to grant consent for the construction or use of a BTR building. The criteria for these developments must be met for a 15-year minimum period, and indefinitely for the Zone B3 Commercial Core.
The amendment clarifies that any requirement to dedicate land or pay a monetary affordable housing contribution that would apply to a ‘build-to-sell’ development will also apply to a build-to-rent development. Lastly, there are new guidelines under which BTR developments can get land tax concessions. Further details of the Amendment are available here.