The announcement was made through a media drop to Australian
Financial Review (AFR) without the general release of a media statement. As a
result the information is only available to public housing tenants if they are
in the unlikely position of having a paid subscription to the AFR.
The AFR article provided the developer and the Community
Housing Providers (CHPs) they have partnered with – we have provided links to their websites for easy access. The four consortiums are:
Mirvac (www.mirvac.com) partnered with
- Community Housing Limited – www.chl.org.au
- Aboriginal Community Housing Limited – www.achl.org.au
- National Affordable Housing Consortium Limited –
www.nahc.org.au is a subsidiary
Lendlease (www.lendlease.com/au/ )
- St George Community Housing – www.sgch.com.au
Frasers Property
Australia (www.frasersproperty.com.au
) partnered with
- Bridge Housing – www.bridgehousing.org.au
Stockland (www.stockland.com.au ) partnered with
- Link Wentworth Housing – www.linkwentworth.org.au
- City West Housing – www.citywesthousing.com.au
- Birribee Housing – www.birribee.org.au (a subsidiary of NSW
Aboriginal Land Council)
The consortiums appear to be new pairings of developers and CHPs. For example Fraser’s Property successfully tendered for the redevelopment of Ivanhoe Estate with Mission Australia Housing but for Waterloo they have teamed up with Bridge Housing and Mission Australia Housing are not part of any successful bid team. Bridge has previously paired with Deicorp on a couple of developments.
According to the AFR the “NSW government’s Land and Housing
Corporation is seeking to establish a Master Development Agreement that will
start with the 3000-dwelling Waterloo South component but then offer the same
developer – subject to value for money – development rights for the remaining
sections of the project that has a $4.4 billion end value”.
The 30 year length of the project will see more of a partnering
approach between LAHC and the successful developer to exclude unknown potential
risks.
The AFR says “Rising construction costs and uncertainties
driven by the pandemic have driven calls for amore collaborative approach in
large commercial construction projects. Pushing all risks on to a contractor
for a decades-long project could make contractors or consortiums raise prices
to cover their risks… Unpredictable weather and supply chain shortages are also
prompting developers to take on more risks in construction and infrastructure
contracts from builders to ensure that projects get completed.”
If you can get past the paywall you can read the
original AFR article at the link Mirvac,
Lendlease, Stockland, Frasers in race for $4bWaterloo South