News and announcements
First Build to Rent Kickstart Fund project announced
The WA Government has announced the first project to progress under Keystart’s Build to Rent Kickstart Fund, helping to deliver almost 100 new rental homes in Mandurah.
The Build to Rent Kickstart Fund, delivered by Keystart, provides concessional loans to enable private sector-led build to rent developments that deliver more affordable rental homes to the market.
Keystart has issued term sheets for the first preferred project through the Fund - Spotted Gum Property’s Sutton Apartments development in Mandurah.
The project will deliver 98 build to rent homes in central Mandurah, supported through a $9 million Kickstart Fund loan, with 31 units set aside as affordable rentals.
Following a strong response to an Expression of Interest process, Keystart has proceeded to credit negotiations with seven proponents under the Fund in total, with projects under negotiation potentially delivering almost 850 new homes.
The WA Government has also today announced a $25 million increase to the Build to Rent Kickstart Fund – bringing the total investment to $100 million – to enable Keystart to support more projects through the Fund.
“Through the Build to Rent Kickstart Fund, Keystart is helping to unlock more housing supply and making the dream of an affordable home a reality for more Western Australians,” Keystart Chief Executive Officer Mark Tomasz said.
“Today’s announcement marks an important milestone for Keystart, as we deliver on our expanded mandate to enable housing supply through commercial property finance.”
Further projects will be announced as credit negotiations progress.
More information on the Build to Rent Kickstart Fund is available here.
See the Treasurer’s announcement here: Major boost to supply of rentals coming in Perth's southern suburbs | Western Australian Government
