Have your say on $45m build-to-rent project at Denman Prospect, Canberra
Plans for a $45m build-to-rent development in Canberra’s far west is open to community consultation. Find out what it means for renters.
Canberra Star
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Plans for a $45m build-to-rent development in one of Canberra’s developing suburbs have been released and are open to community consultation.
Stage one of The Borough at Denman Prospect is slated to include two six-storey buildings, consisting of 162 units in total.
The project would also include the creation of basement car parks and landscaping surrounding the building.
The borough is a project between Capital Estate Developments and building company Jega, with the former to manage the property and leasing arrangements following the build.
Developers say the development will offer “high-quality yet affordable rental options for tenants, with features not usually provided in the traditional rental market”.
“The model will provide housing stability as tenants can sign-up for a range of flexible and often longer lease terms, enabling them to feel secure in their rented space,” says Capital Estate Development in a statement.
“Residents at The Borough will enjoy an elevated living experience, close to amenity, with many enjoying quintessential views across the Molonglo Valley.
“Like all of Denman Prospect, The Borough will be thoughtfully designed with the future in mind, incorporating solar panels, electric car charging stations, drone landing zones, grey water management, sustainable building materials and community gardens.”
If approved, first residents of The Borough are expected to move in by early 2024.
Located on Canberra’s western edge, the suburb of Denman Prospect was developed by the Canberra Airport Group and welcomed its first residents in 2013.
Aerial images from Nearmap depict the rapid growth of the suburb between 2010 and 2022.
The 2021 Census found 2759 people currently live in the suburb.
Better Renting executive director Joel Dignam said build-to-rent schemes can provide benefits for renters.
“When (build-to-rent developments) increase overall supply this helps to protect against big rent increases,” he said.
“If the property is held long-term by a corporate entity, it means that tenants won’t be displaced by things like the owner selling or moving into the property.”
However, Mr Dignam said it was likely the rents at these properties would “not be affordable for people on low incomes”.
“Market-rate housing like this can help, but the best way to ensure affordable homes for people on low incomes is for the government to build them and rent them out at a rate people can afford,” he said.
He said more needed to be done to solve Canberra’s “scandalously low” vacancy rate and said renters needed more legal protection against landlords.
“More housing supply can help with this, and it’s good to recognise that the rental sector can provide good stable homes for people. But the risk is that we get too rosy-tinted here.
“Renters still need strong legal protections against unfair evictions or profiteering rent increases. Unfortunately, we have seen existing corporate landlords in the ACT treat tenants very badly, not only trying to get away with excessive rent increases, but also misrepresenting the law and trying to manipulate renters.
“If build-to-rent landlords are to be part of the landscape in the ACT, we need stronger laws to make sure they behave decently.”
Mr Dignam said infrastructure considerations were paramount when considering Canberra’s housing needs.
“We have to think about the broader systems — do people have ready access to services? Can they get around without being dependent on a car?” he said
“Better urban planning, more density, and better public transport can all contribute to better housing and a better city.
“We should be supporting developments that are integrated with existing infrastructure and where people can get around through active transport and public transit.”
As of 2022, only two ACTION bus routes, the Rapid 10 and route 66, service Denman Prospect.
Greater Canberra convener Howard Maclean said he supported developers “trying new approaches” to increase housing supply in Canberra.
“More housing supply means lower rents and more choices for Canberrans,” he said. “However, a focus on large build-to-rent projects alone won’t deliver enough to make a serious dent in our housing crisis.
“We need broadscale planning reforms to legalise more housing of all types. We're excited to see The Borough taking inspiration from Kingston’s highly successful Kingsborough precinct – we’d like to see more projects like it across Canberra, both in newer areas like Molonglo Valley but also established suburbs closer to the city.“
- Canberrans can have their say on this development application via Access Canberra until November 16.
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