Superannuation giant Australian Retirement Trust (ART) will invest up to $150 million into new affordable and social housing in Queensland, including for seniors, in partnership with investment firm QIC.
The partnership will deliver more than 1,200 new dwellings, working with community housing provider Brisbane Housing Company (BHC). Seven developments will be part of the initial stage, representing 600 dwellings, including BHC’s affordable over-55s development in Redcliffe (pictured above).
According to Australian Retirement Trust’s Head of Sustainable Investment, Nicole Bradford, the partnership is an important investment for social and affordable housing in the Sunshine State.
“As one of Australia’s largest superannuation funds, we’re committed to helping solve problems for our community and society, while not compromising on our fiduciary duty to our members, and this project is one example of that.
“We believe this investment opportunity will support more affordable housing in Queensland, while also maximising the real, long-term investment returns for our more than two million members,” she said.
Rebecca Oelkers (pictured), CEO of BHC, says the program is a big step forward for partnerships between private companies and governments, with the Queensland Government’s Housing Investment Fund also helping bankroll BHC developments.
“This program is an exemplar of how state governments and institutional investors can work together with the community housing sector to raise capital and deliver social and affordable housing at scale,” she said.
“It will change the lives of countless Queenslanders who are in dire housing need,” she said.
Residents will be able to move into the first developments by 2024, with construction on all sites to begin by 2025; remaining sites in South-East Queensland will be announced once secured.
