Rent-then-buy apartments at Bowden for key workers

5 Mar 2014

In an innovative rent-then-buy program, we are proud to partner with Community Housing Limited (CHL) and Specialist Bank and Asset Manager, Investec to help key workers afford their first home and provide them with the opportunity to own their home within three years.

CHL and Investec will build and manage approximately 80 apartments at Bowden in this partnership between government, private and not-for-profit sectors. About 32 apartments will be offered to dozens of key workers, such as teachers, hospitality and health care workers and police officers. The remaining apartments will be available for private purchase by owner-occupiers and investors.

The apartments will be architecturally designed and energy-efficient with a 5 Star Green Star rating and be easily accessed by train, tram and bicycle and walking paths.

Investec Director of Project and Infrastructure Investment, Nigel Brophy said Investec sees the Bowden precinct as an ideal location to deliver an innovative, affordable housing program targeted at workers who may not otherwise have the opportunity to live close to where they work.

“We are excited about making the prospect of home ownership in Bowden a real option for key workers,” Mr Brophy said.

Under the rent-to-buy program for key workers:

  • CHL manages the leasing of 32 key worker apartments. All renters will need to meet certain criteria and qualify as potential purchasers before entering a lease.
  • Renters will receive free, ongoing and regular support from CHL to help them meet their saving goals and transition to home owners.
  • Renters may be eligible for up to three years to purchase the property.
  • Key workers will pay rent at about 75 per cent of market rents, enabling them to save money towards a deposit.

Homes are likely to be available for sale and lease arrangement off the plan from mid-2015 and completed by mid-2016.

This development will be the second key worker housing project at Bowden.

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