Australia: The City of Sydney has proposed several amendments to the Sydney Local Environment Plan that would encourage developers to deliver more BTR and coliving schemes in central Sydney.
Under the proposals, developers would be given 20 to 75 per cent more floor space for BTR developments, and 20 per cent more floor space for coliving accommodation. The amount of additional floorspace granted would depend on the location of the site for applications made within five years from when the planning rules were implemented.
The proposal to change the Local Environment Plan 2012 went on exhibition on April 15 as part of requirements for gateway determination. The the proposed changes won Department of Planning, Housing and Infrastructure support on April 5. If successful, changes to the LEP would be made in August.
Sydney lord mayor Clover Moore said: “The city is constantly changing and growing. Our planning system must respond to these changing needs and effectively deliver the space needed for jobs and housing. We’ve seen build-to-rent work well overseas to help address the housing crisis, with these types of developments providing stable and secure accommodation for renters. As well as increasing rental stock in central Sydney, this type of accommodation has high occupancy rates. That’s great for inner-city vibrancy and avoids situations where international investors leave newly built flats empty. Build-to-rent housing does not sit idle with lights out, as some high-end investor apartments do, and these developments will help revitalise and boost the local economy. We’ve seen build-to-rent work well overseas to help address the housing crisis, with these types of developments providing stable and secure accommodation for renters.”
The amendment for coliving accommodation is intended to stimulate an increase in student and low-income worker accommodation close to major tertiary education institutions.
“Students are one of the groups hit hardest by the rental crisis in Sydney, with the lack of appropriate accommodation and affordability both major issues,” said Moore. “By offering these floor space incentives, we hope landowners and developers will create more coliving accommodation in areas like Haymarket, which has proved popular with students.”
