Cedar Pacific has entered into a contract to acquire Block 3 57 Turner, ACT from the ACT Government for the development of a new purpose-designed build-to-rent asset.

The development on Northbourne Avenue will comprise approximately 300 apartments and will provide renters in Canberra with a new standard in rental accommodation. The project will deliver a mix of studio, one-bedroom, two-bedroom and three-bedroom apartments together with expansive common area amenities including a gym, co-working spaces, residents lounge, dining rooms, and wellness facilities and is pet friendly.

The development will also include a 15% allocation to affordable rental apartments supported by the ACT Government, delivering affordable housing at a time of critical need considering the national housing supply shortage.

Cedar Pacific was the successful bidder for the site in a process run by the Suburban Land Agency on behalf of the ACT Government.

The Turner project will mark Cedar Pacific’s second build-to-rent development with the first project currently under construction at Quay Street in Brisbane. The Quay Street project will deliver 475 apartments with 50% offered as affordable housing.

Quotes attributable to David Hill, Chief Investment Officer at Cedar Pacific:

“Turner is an important acquisition for Cedar Pacific to continue the growth of our Build-to-Rent strategy and provides an opportunity to deliver high-quality rental accommodation in the undersupplied market of Canberra including much-needed affordable accommodation.”

“The proximity to Braddon, Civic and Australian National University together with an adjacent light rail stop will provide excellent access for the new age of renter looking for ultimate convenience and an enhanced living experience through professionally managed purpose-designed rental accommodation.”

About Cedar Pacific

Cedar Pacific Investment Management is a leading specialty developer and investment manager of living sector assets across Australia and New Zealand. To date, Cedar Pacific has developed and acquired over 10,000 purpose-built student accommodation beds across 16 assets in 6 markets including Sydney, Melbourne, Brisbane, Adelaide, Auckland, and Christchurch, with an additional two projects totalling 1,408 beds currently under construction.

Cedar Pacific launched its first build-to-rent strategy in 2024, with the first asset of 475 apartments currently under construction in Brisbane and a pipeline of additional assets across Australia and New Zealand.

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